Credits
Editor: Stephen Rubino; Visual Designer: Rebecca Hoskins
Advertiser content from
Illustration: TK Name
70% of shoppers say that inflation has negatively impacted their finances in the last 12 months – while only 36% say that inflation is slowing
72%
72% of shoppers say that the economy has a direct impact on their grocery spending habits
In 2023, 51% of consumers believed they would be better off financially in 12 months — only 34% now say that they are
51%
Some categories grow faster than others
Median monthly spending per person:
Of course, it’s not just that consumers spend more or less when the economy is good or bad. According to Ibotta, they also adjust their spending on different categories to accommodate their changing finances. This gets reflected in the data:
up $12/m
Food Spending: $280
When faced with price increases, shoppers are likely to switch to lower-priced alternatives or opt out of purchases altogether. For example, 4% of shoppers will opt out of buying necessities, while 19% will choose to opt out of discretionary purchases.
Ibotta doesn’t just track what consumers spend on, they also gather data on what influences purchasers make their decisions. Surprisingly, certain elements that might intuitively sound important (such as, for example, a recommendation of a product from a family member) move the needle less than we might think:
70%
up $13/m
Beverages: $66
down $8/m
$36
Personal Care/Beauty: $36
Free samples matter less than you think
Impact on purchasing decisions:
Price
higher than baseline
+121
Buying from a familiar brand
Recommendation from a
family member
+97
Free samples
Social media influencers
+87
+47
The Ever-Changing
Grocery
Industry
Generates Some Surprising Stats
Ibotta has tracked the growth of digital marketing within the purchasing world, and now sees consumers using their phones while shopping to search for coupons:
Coupons are still important
78%
33%
75%
of consumers learned about their first-time purchased items through a digital offer
of shoppers say they’ll return to a grocery store if it offers promotions or cash back
will try a different brand if it is offered at a lower price than what they usually buy (assuming quality is equal)
Overall, these paint a picture of shoppers as being well-educated on their buying decisions, and open to new brands — depending on the deal.
The Economy”
is real —
to shoppers
“
actually means for our day-to-day lives. Where things get concrete, however, is when it comes to groceries. Most people do their own grocery shopping, and can easily see the sticker prices on what they’re purchasing. And thanks to Ibotta, the leading provider of digital promotions for consumer packaged goods brands, we have access to in-depth stats on how Americans buy groceries. Their data paints an interesting picture of how shopping decisions are made, and where the overall industry is headed.
Statistics on “The Economy” can often seem detached from real life. When hearing about gains and losses in the stock market, or the U.S. unemployment rate, it’s hard to comprehend what that
S
For starters, The Economy has a tangible impact on how consumers spend:
[These refer to a baseline of 100 — lower numbers indicate lesser impact on purchasing decisions, not that consumers are less likely to buy a product.]
+145
from last year
from last year
from last year
Advertiser content from
When faced with price increases, shoppers are likely to switch to lower-priced alternatives or opt out of purchases altogether. For example, 4% of shoppers will opt out of buying necessities, while 19% will choose to opt out of discretionary purchases.
Ibotta doesn’t just track what consumers spend on, they also gather data on what influences purchasers make their decisions. Surprisingly, certain elements that might intuitively sound important (such as, for example, a recommendation of a product from a family member) move the needle less than we might think:
Impact on purchasing decisions:
33%
of consumers learned about their first-time purchased items through a digital offer
78%
of shoppers say they’ll return to a grocery store if it offers promotions or cash back
will try a different brand if it is offered at a lower price than what they usually buy (assuming quality is equal)
75%
33%
of consumers learned about their first-time purchased items through a digital offer
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About us • Our staff • Privacy policy •
Ethics & Guidelines • How we make money •
Contact us • How to pitch Vox
Terms of Use • Privacy Notice • Cookie Policy •
Do Not Sell or Share My Personal Info • Licensing FAQ •
Accessibility • Platform Status • Advertise with us •
Jobs @ Vox Media
© 2024 Vox Media, LLC. All Rights Reserved