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2014 American Pantry Study
Same game, different approaches
After four years of managing this study, we are seeing the long term impacts of the recession and how it is driving consumer behavior and brand choices. Brand loyalty is low; consumers remain focused on saving money in the aisles, and they are becoming more resourceful as to how and where they play the shopping game. This report takes an in depth look at how to win in this fundamentally changed marketplace and offers a growth playbook for success for packaged goods companies.
A shift has now occurred. In 2014, consumers are living more economical and cautious lifestyles as a result of the new economy. The unusually prolonged recession has left a lasting impression on consumers.
According to Deloitte’s 2014 American Pantry Study, 79 percent of consumers surveyed said the economy is currently in a recession and 80 percent said the American economy has fundamentally changed, revealing a sense of enduring resourcefulness among respondents. Many consumers now refuse to change their shopping habits and behave as if the recession is not over. This behavior, along with consistently low brand loyalty and the competition from rival and store brands, pose potential threats to national brands’ positions. Consumers are focusing on tactics and channels that work for them.
54% of consumers say trusted brands are the #1 reason for buying higher-priced new products. Explore the infographic to learn more.