Chicago -- Shoppers will reduce the number of channels they visit and remain intensely focused on value in 2013, according to the latest research from SymphonyIRI Group.
According to Symphony’s “2012 CPG Year in Review: Finding the New Normal,” consumers are still attempting to ease budgetary strains and are embracing a wide variety of money-saving strategies.
“For 2012, we forecasted that shoppers would continue to define value largely based on price, manufacturers and retailers would pass ongoing commodity price increases on to the shopper, and private label sales would continue in their current ranges,” said Piyush Chaudhari, president of the Americas, SymphonyIRI. “These predictions largely came to pass, and we expect 2013 to resemble these same trends in many ways.”
SymphonyIRI predicts shoppers will remain frugal in 2013, even though there will be continuing signs of economic recovery and strengthening. In addition, the following trends identified in 2012 will continue in 2013:
To effectively compete in 2013, CPG manufacturers and retailers should consider the following action items: