The study of the consumer mindset has always been intriguing. In today’s economy, the opportunity to study the consumer is truly fascinating.
Due to first tenuous, then recessionary, economic conditions, the consumer has been forced to evolve. For CPG, this evolution has been marked by obstacles and opportunities.
Many changes observed over the past year have centered around cost-cutting. Away-from-home dining shifted to at-home dining. But convenience is still king. Self-care has emerged as a key money-saving strategy. And, nutrition has become a cornerstone of consumers’ wellness strategies.
From a shopping perspective, much has changed. Channel migration has increased. Private label is an integral part of the consumers’ money-saving efforts. And, importantly, the nexus of the consumer decision-making process has shifted.
No doubt, consumer packaged goods is a whole new ballgame today. It’s a game centered on the consumer. It begins and ends with the consumer mindset. CPG marketers with an intimate understanding of how the consumer is wired and a deft ability to market to the new consumer will win the game in the long run.
This issue of Times & Trends provides insight into the mind of the new CPG shopper.
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