As food price inflation continues to affect consumer shopping behavior, supermarkets must pay special attention to discounts and coupon offers to keep shoppers loyal.
According to data and technology firm Inmar Intelligence, 73% of shoppers will switch, or consider changing, to a different brand because of a coupon or discount offer.
Inmar Intelligence’s new spring shopping report, Spring Trends Guide 2023, revealed that incentives -along with a supportive omnichannel media strategy- will be crucial to the success of brands that want to win customer dollars this spring.
In fact, over the last few months, the number of shoppers whose purchase behavior will be affected by it has increased by 6% since the 2022 holiday season.
The guide also shows that 88 percent of shoppers believe inflation will affect their grocery purchases this spring. Thirty-four percent plan to purchase fewer items overall and 29 percent will use more coupons and discounts — meaning brands have a strong opportunity to influence the products consumers eventually put in their baskets.
Based on the findings, shoppers are inspired equally from in-store through social platforms. However, in 2022, almost twice as many consumers shopped at brick-and-mortar stores vs their e-commerce or app-based counterparts, so providing in-store inspiration will be the best bet to influence purchase behavior.
Additional key findings from the 1,000 responses:
- 52 percent of shoppers find grocery purchase inspiration on social media, almost catching up to in-store display inspiration at 54 percent.
- Short-form video inspires the most social media-driven purchases at 39 percent compared to other formats.
- 70 percent of shoppers will rely on coupons for spring purchases.
- 80 percent of consumers are comfortable sharing their personal data with brands and retailers in exchange for discounts, better experiences, and greater value.
“Inflation throughout 2022 caused financial stress for many shoppers, and that will continue to influence how they approach purchases this spring,” said Rob Weisberg, EVP & President of Incentives & Loyalty. “This year, brands will see even more shoppers hunt for savings. By combining their incentives and media, they can make it easy for shoppers to find savings — not only helping boost seasonal sales but also building loyalty. It will be crucial for CPGs to make their brand top-of-mind and give shoppers a reason to choose them over the competition as shoppers continue to switch brands for savings.”