For more than a year, the United States has struggled to quell a financial storm. Debt has skyrocketed, personal wealth has plummeted, workforce reductions are frequently in the news headlines, gas prices spiked and then fell sharply, and food and energy prices remain well above historic levels.
Packaged goods manufacturers and retailers are struggling to absorb significant increases in commodity, fuel and energy costs. Some consumers have moved from belt-tightening to belt-notching in an effort to make ends meet. Other households have realized that a sharp downturn in the value of their retirement investments means they need to change their spending habits today in order to enjoy a comfortable retirement tomorrow.
For CPG marketers changes in consumer shopping rituals brought about by the weak and uncertain economy have made the already difficult task of staying abreast of consumer attitudes and behaviors even more difficult- and critical.
This report provides insight into the consumer mindset during the single largest CPG shopping mission: pantry stock-up. An intimate understanding of current and emerging trends within this trip mission will enable manufacturers and retailers to develop and execute strategies that align with overall corporate goals while simultaneously addressing the complex and changing needs of U.S. shoppers in a recessionary environment.