Consumers hesitant to spend despite optimistic financial outlook
The IRI Consumer Connect survey revealed that Generation X and millennials are making most sacrifices to make ends meet at 54% and 53% respectively, but other generations aren't far behind.
Millennials are also most discerning about the shops that they will buy from. The most important factors for choosing a shop, for all consumers, is it being able to meet their needs at the lowest possible cost ( 95%). This is followed by it having a good selection of store brand products ( 82%), and a strong loyalty/ discount programme ( 74%).
“Since consumer spending accounts for about 70% of the US economy, consumer hesitation to spend is a really big deal, and it is leaving CPG marketers struggling to find true and sustainable growth in a low-growth marketplace,” said Susan Viamari, vice-president of Thought Leadership for IRI.
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