The 2015 American Pantry study
The call to re-connect with consumers
As the US economy builds strength, consumer attitudes could shift dramatically–creating tremendous opportunities and risks. Businesses that get things right can use the economy’s momentum to propel themselves to new heights. Those that get things wrong–or move too slowly–could be left behind.
The past several years have been long and challenging for many companies in the consumer packaged goods (CPG) sector. After years of economic struggles and uninspiring growth, shoppers have learned to be very careful and resourceful with their spending – holding out for lower prices, and employing a variety of techniques and approaches to stretch their dollars to the limit. Also, despite major investments in brand-building and marketing, loyalty to national brands has continued to decline across most product categories since 2010 as store brands continued to be a viable competitor.
The good news for CPG companies is that the US economy finally seems to be turning the corner and accelerating towards real recovery and growth. However, according to our survey the majority of consumers believe the economy has fundamentally changed and that tough economic conditions are the “new normal.” Most also say they will continue their resourceful ways even after the economy improves. Are consumers right? Or will they quickly revert to their old free-spending habits once the economy gets rolling?
As the US economy builds strength, consumer attitudes and behaviors could shift dramatically–creating tremendous opportunities and risks for companies in the sector. Businesses that get things right can use the economy’s momentum to propel themselves to new heights. On the other hand, those that get things wrong–or move too slowly–could very well be left behind.
Discover the results of the 2015 American Pantry study and help your company map out a strategy for growth.