How to cater to a budget-conscious consumer

By Brittany Hanson | February 29, 2024

Reading time: 2 minutes

How To Cater To A Budget Conscious Consumer — How to cater to a budget-conscious consumer.

Abstract

Most shoppers are aware of which products they are buying and their allotted budgets. It is important for consumer packaged goods companies and retailers to understand the different consumers and their preferences when selecting a store and making purchases.

Research Topics:: Consumer Research | Customer Loyalty | CX/UX-Customer/User Experience | In-Store Research | Pricing Research | Shopper Insights
Industry/Market Focus:: Consumers | Research Industry | Retailing
Content Type: Research Industry Voices

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How to maintain a loyal customer

Editor’s note: Brittany Hanson is the director of consumer research at 84.51°. This is an edited version of an article that originally appeared under the title “How to cater to the budget-savvy shopper.”

Today's consumers are busier than ever managing work, family and social lives while also trying to meet their nutritional needs without breaking their budget. CPG brands and retailers that make it easy for shoppers to find healthy, affordable food will win loyalty from these busy, budget-savvy shoppers. How to succeed:

Pre-shopping preparation

Our research shows that the majority (74%) of shoppers prepare by making a shopping list ahead of time, whether on paper or digitally and nearly half (44%) of shoppers estimate the total basket cost beforehand. When selecting a store, key factors shoppers consider include:

General product prices (75%).
Sales promotions and coupons (71%).
Location of the store (70%).
Product selection (64%).
Product quality (60%).
Product freshness (54%).

Source: 84.51° Moments that Matter Custom Research, October 2023.

Opportunity

Provide tips for maximizing sales promotions and loyalty programs to help shoppers stay within their budget.

In-store discovery

Once in the store, customers are looking to cross items off their shopping list – but they’re open to discovering new items as well. The categories where shoppers are likely to purchase a new item instead of a planned item include:

Fresh bakery (46%).
Snacks/candy (39%).
Cereal (38%).
Household cleaning (38%).

The categories where customers often buy a new item in addition to a planned item include:

Snacks/candy (19%).
Frozen food (19%).
Produce (16%).
Drinks (14%).

Source: 84.51° Real Time Insights, October 2023.

Opportunity

Make it easy for shoppers to be adventurous in addition to following their list with in-store displays, advertisements and coupons – the top three ways customers report discovering new items.

Understanding and catering to the needs of busy, budget-conscious shoppers is key for winning loyal customers. Providing tips for maximizing promotions and loyalty programs and opportunities for shoppers to discover new items are just some of the ways brands and retailers can build a positive customer experience, earning share-of-stomach and wallet.