Budget Shopper - US : Market Research Report

Budget Shopper - US

Published by: Mintel International Group Ltd.

Published: Oct. 1, 2009 - 80 Pages

SCOPE AND THEMES: What you need to know; Definition; Data sources; Abbreviations and terms; Abbreviations; Terms
EXECUTIVE SUMMARY: Reasons for budget shopping continue to accumulate; Most consumers continue to tighten their belts; Strict budgeting still less prevalent than opportunistic money-saving tactics; Supermarkets benefit from home dining, stronger private labels; Shopping at Walmart becoming a universal budgeting behavior; Other mass merchants struggle to strike the right recessionary tone; Warehouse clubs balance stock-up basics with treasure hunt; High-end department stores resort to discounts and sales; Value-priced department stores hold their own; Discount stores receive a recession-induced boost; Clothing shoppers cutting back and bargain hunting; Shoppers only slightly less likely to seek out deals on personal hygiene
MARKET DRIVERS: Key points; Belt tightening continues as the reasons for it accumulate; Consumer confidence; Unemployment rate; Real household income; Home values; Consumer prices
YEAR-OVER-YEAR BUDGETING TRENDS: Key points; A majority of consumers continue to tighten their belts; Adults of all ages budgeting more; Increased budgeting prevalent at all income groups; Larger families require more budgeting; Hispanic households slightly more likely to tighten the budget; Respondents cite a variety of reasons for tighter budgeting; A few notable differences between genders; Lifestage strongly influences motivations for budgeting; Different budgeting concerns exist across income levels
CREATING THE BUDGET AND ASSESSING SALES: Key points; Budget vs. Bargain; Coupon use on the rise, especially online; Women lead in most budget-shopping tactics, but men may be gaining; Older adults quicker to clip; Lower income adults budget more, clip less
WHERE CONSUMERS SHOP: Key points; Shoppers include more stores in their hunt for value; Women more likely to shop in more outlets; Higher income shoppers shop in more stores
GROCERY STORE BUDGETING BEHAVIORS: Key points; Supermarkets benefit from home dining, but still face heavy competition; Developing and promoting private labels; Editing and optimizing assortment; Everyday low prices; Grocery shoppers utilize a wide array of budget-shopping behaviors; Coupon use higher among older shoppers
WALMART BUDGETING BEHAVIORS: Key points; Shopping at Walmart popular across demographic groups; Walmart’s impact felt across retail industry; Walmart promises empowerment to budget-conscious consumers; Walmart shoppers look for sales and low prices
MASS MERCHANDISER BUDGETING BEHAVIORS: Key points; Target struggles to strike the right recessionary tone; Kmart gains ground by focusing on the basics; Mass merchant shoppers focus on sale items
WAREHOUSE CLUB BUDGETING BEHAVIORS: Key points; Clubs offer blend of budgeting and bargains; BJ’s wins with hybrid strategy; Warehouse clubs cater to affluent customers; Club members go for bulk
HIGHER-END DEPARTMENT STORE BUDGETING BEHAVIORS: Key points; Discounting becomes the norm; Challenges great at the highest end, where need is the new want; Macy’s; Nordstrom moves multi-channel; Higher-end department store shoppers look for sales
VALUE-PRICED DEPARTMENT STORE BUDGETING BEHAVIORS: Key points; Value-priced chains hold their own in tough economy; Kohl’s gets aggressive; JCPenney stays in the game; Positioned for an online shopping future; Shopping sale items dominate behavior in value-priced department stores
DISCOUNT STORE SUCH AS T.J. MAXX, ROSS, MARSHALLS BUDGETING BEHAVIORS: Key points; Discount stores receive a recession-induced boost; Both budget and bargain shopping at discount stores
SHOPPING FOR CLOTHING: Key points; Clothing shoppers cutting back and bargain hunting; Retail sales results point to shoppers trading down; Women more likely to look for bargains; Younger adults far more engaged in apparel shopping; Bargain shopping not limited to lower incomes
SHOPPING FOR PERSONAL HYGIENE: Key points; Shoppers only slightly less likely to seek out deals on personal hygiene
PRIVATE LABEL: Key points; Private label use a widespread budget-shopping strategy; Use most prevalent among young, lower-income consumers
EXTRA MONEY: Key points; Recession putting the squeeze on extra money; Dining out gets the nod when there’s extra cash
APPENDIX: OTHER USEFUL TABLES: Discretionary Spending
APPENDIX: TRADE ASSOCIATIONS

Abstract

The artful economizer

Mintel’s research confirms that shoppers across retail channels and demographic groups have come to expect sales, discounts, and bargains. And not surprisingly, off-price sales are on the rise. A.C. Nieslen research of grocery shopping supports the notion that shopping in that channel is increasingly deal-driven. About 43% of grocery purchases are sold on promotion, up two percentage points from a year earlier. Discounting has become even more prevalent at department and apparel stores as these channels struggle to reduce inventory levels in the face of shrinking demand.

Heavy discounting appears to have become standard operating procedure for retailers as they adjust, painfully, to budget shoppers’ increasingly frugal mindsets and stark financial realities. But while deep discounts may help in the short term to generate cash and clear out unsold goods, they certainly aren’t a healthy long-term business practice.

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Budget Shopper - US

Table of Contents

Abstract