What you need to know

Several years after the recession, the economy is stronger, and people are beginning to work, to buy and to live more freely again. Unfortunately for retailers looking to make a profit, consumers’ expectations for fair prices have not waned. Technology advancements are enabling shoppers and merchants to be smarter than ever. Single parents, Millennials, Hispanics, and Blacks are key targets for value-oriented retailers and brands; they exhibit numerous budgeting actions and will shop around to make sure they get the best prices on the items they want. Retailers can connect with them by helping to maximize their productivity and paychecks. Thinking more broadly, all consumers have some budget shopping tendencies embedded within them as this is just human behavior. Even so, the degree to which one saves, seeks deals, and even splurges will vary across generations, and throughout an individual’s lifetime regardless of what’s happening in the economy. Retailers, too, need to continue evolving to remain not just value brands, but brands that add value.

Definition

This report explores the shopping behavior and attitudes of budget shoppers. In particular the report tracks how budget shoppers’ shopping behaviors have changed from the peak of the recession (2008-09), immediately following the recession (2010), to recovery (2012 and 2014) to today (2015).

For the purposes of this report, the term “budget shopper” refers to the degree to which consumers across a range of demographics/income groups assess the budgetary impact of their shopping and spending habits by weighing sales incentives and cost-savings behaviors against where they choose to shop and what they choose to purchase.

This report builds on the analysis presented in Mintel’s The Budget Shopper – US, December 2014 and June 2012 as well as Budget Shopper – US, October 2010, October 2009 and October 2008 reports.

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