Four Generations in the Aisle: How Generational Differences Impact Grocery Shopping. HOT TOPIC REPORT July 2013
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1 : How Generational Differences Impact Grocery Shopping Copyright 2013 Acosta. All Rights Reserved
2 n a shopping landscape that is rapidly shifting and evolving based on technology advances, economic influences, and hyper local cultural and population trends, it is not easy to decipher the impact of generational differences on shopper behavior. AMG Strategic Advisors research has found that companies who invest in researching their target consumers and shoppers by life stages their unique, unmet desires and emerging needs, key problems and key motivations have a competitive advantage. In fact understanding the impact of generational differences on grocery shopping is perhaps more crucial than ever with a record four generations of shoppers in the aisle across classes of trade. Never before have there been so many generations active in the marketplace. Today, consumers are living longer and actively shopping longer than previous generations. With more generations in the mix, striking a marketing balance of engaging one generation without alienating the others can be intricate. More than any time in the past, brands need to find a way to stretch between generations and maintain relevancy across generational divides. Finding the right techniques and strategies for each of your target audiences starts with knowing exactly whom you re trying to reach, and how best to connect with them. Life Stages and the Generations Mass marketing worked effectively when the typical consumer got married in his or her 20s, raised a family in his or her mid-20s to mid-40s, and retired in his or her 60s. Life stages were fairly consistent and linear. But in today s reality, life stages have become significantly more varied and fluid. Gone are the days companies can use a mass marketing formula where age informs life stage which then informs marketing approach. Twenty years ago few 40-year-olds were new parents, and few 25-year-olds were still living with their parents. Today, life events are not necessarily linear. While life stage and generation are not one-in-the-same, there is a symbiotic relationship between the two. Certainly generational characteristics have an influence on when groups are more or less likely to hit certain life stages. It is wise for retailers and manufacturers to continue to track spending patterns among the generations, especially as they relate to milestones such as going to college, buying a first home, sending a kid to college, retiring, and downsizing. What Motivates Today s Shoppers? Generational differences is just one of many factors influencing shopper behavior. Consumer Lifecycle Generation Life Stage Income Ethnicity Gender Education 2 Copyright 2013 Acosta. All Rights Reserved Source: RetailNet Group, 2013 Copyright 2013 Acosta. All Rights Reserved 3
3 Generational Snapshot Size 51 Million 60 Million 81 Million 39 Million What Makes Your Generation Unique? Summary This generation is growing up during the digital era with internet, mobile computing, social media and streaming media on their iphones. They are experiencing a time of growing globalization, diversity in race and lifestyle, 9/11 and the war on terror, mass murder in schools, and the Great Recession. Growing up during a time of change politically, socially and economically, experienced the end of the Cold War, Reagonomics and the shift from a manufacturing to a services economy, the Aids epidemic and the rise of cable TV and home computers. Boomers grew up during a time of idealism with a TV and a car for every suburban home and Apollo, Civil Rights and Women s Liberation, but disillusionment set in with the assassination of JFK, Vietnam war, Watergate and divorce. A generation raised during the Great Depression, s fought the second war to end all wars, went to college on the G.I. Bill and raised their nuclear families in a time of great prosperity and the Cold War. 1) Technology Use 24% 2) Music / Pop Culture 11% 3) Liberal / Tolerant 7% 4) Smarter 6% 5) Clothes 5% 1) Technology Use 12% 2) Work Ethic 11% 3) Conservative / Trad. 7% 4) Smarter 6% Globally minded Independent Anything is possible Discipline 5) Respectful 5% Core Values Optimistic Tolerant Spiritual Pragmatic Entrepreneurial Self reliance Equal opportunity Question authority Personal gratification Dedication Family focus Patriotism 1) Work Ethic 17% 2) Respectful 14% 3) Values / Morals 8% Work/Life Balance Expanded view of work/life balance includes time for community service and self development Work/life balance is important Don t want to repeat boomer parents workaholic lifestyles Climb corporate ladder Family time not first on list Work hard for job security 4) 6% 5) Smarter 5% 1) WWII, Depression 14% 2) Smarter 13% Technology Financial Approach Technology is integral Early adopters who move technology forward Earn to spend Technology is assimilated seamlessly into day-to-day life Cautious, conservative Use technology as needed for work, and increasingly to stay in touch through social media such as Facebook Buy now, pay later Have assimilated in order to keep in touch and stay informed Save, Save, Save 3) Honest 12% 4) Work Ethic 10% 5) Values / Morals 10% Note: Based on respondents who said their generation was unique/distinct. Items represent individual, open-ended responses. Top five responses are shown for each age group. Sample sizes for sub groups are as follows: Millenials - n=527; - n=173; - n=283; - n=205. Source: Pew Research Center 4 Copyright 2013 Acosta. All Rights Reserved Copyright 2013 Acosta. All Rights Reserved 5
4 Shoppers by Generation Average Monthly Grocery Spend Average Number Of Routine Shopping Trips Type Of Trips Shop Style Branded Versus Private Label - % That Buy More Store Brands To Save Money Channel Preference Making More Trips To High Indexing Categories $ % make stock-up shopping trips; 33% make fill-in shopping trips are heavily influenced by friends and social/community. They are not brand loyal and shop the store perimeter. 42% Club and Drug Diapers, Baby Needs, Toys & Sporting Goods, Shaving Needs, Dry Prep Foods $ % make stock-up shopping trips; 42% make fill-in shopping trips ers are knowledgeable shoppers who use information to help guide their decisions. They want to be assured they are making the best possible choice. 41% Grocery and Dollar Diapers, Baby Food, Baby Needs, Breakfast Foods, Dry Prep Foods, Frozen Apps $ % make fill-in shopping trips; 36% make stock-up shopping trips Boomers are fairly brand loyal, and they respond to products and retailers that address the What s in it for me? question. 36% Grocery and Club Tobacco & Accessories, Ice, Beer, Charcoal Logs, Tea, Pet Care, Pet Food $ % make fill-in shopping trips; 36% make last minute shopping trips are brand loyalists who buy what they ve bought before. 26% Drug and Dollar Books & Magazines, Floral & Gardening, Vitamins, Wine, Nuts, Medication/ Remedies/Health Aids : Born between 1982 early 2000s Generation X born between Boomers: Born between s: Born between Copyright 2013 Acosta. All Rights Reserved Copyright 2013 Acosta. All Rights Reserved 7
5 Recommendations The wide variety of ages, life stages by age and unique generational viewpoints in the marketplace is unprecedented. Engaging the various generations effectively while not alienating other generations will require retailers and manufacturers to have highly tailored messages that appeal to each target generations distinctive values and preferences. : Identify the key categories that will influence trips and engage these shoppers through digital, social and shopper marketing. This is a highly multicultural generation which is moving into heavier spending years. They are social, technology dependent, environmentally conscious, and heavy users of natural/ organic foods, and baby products. Retailers and manufacturers have the opportunity to be the curaters for new mothers who are seeking education and networking opportunities. This generation is highly dependent on peer recommendations and is willing to switch brand loyalty if a brand can offer a better value proposition not meaning lower price, but a better set of benefits at a given price. They invest the time to understand benefit claims and reward design and unique benefits. Creating touchpoints with the Millennial shopper physically and virtually to effectively communicate a product or brand s value proposition, especially non-price related benefits, is critical to success with this generation. : This generation is the largest spenders on groceries but are stretched and seeking value. They are more likely to do stock-up trips. It is especially important to capture these shoppers during the pre-shopping part of their path to purchase, as a lost trip will mean the loss of a larger basket than their younger counterparts. This generation is often raising young children on dual incomes. They are time starved. Solutions that save shoppers time, products for busy mothers, and loyalty building programs are essential for long term success. : This economically relevant generation is starting to downsize. They are becoming empty nesters but still have a large disposable income. Success means focusing on health and wellness solutions and smaller package sizes. This generation is technology capable, but not dependent on technology, so traditional marketing is more relevant than with younger generations. Pet food and pet care are key categories that are highly relevant to this generation. In fact, Baby Boomer households have more pets than kids at home. : The Generation is mostly retired. Key categories relevant to this generation are largely health and wellness related categories. This generation is helped with larger labels and signs, better lighting, lower shelves, and magnifiers at the shelf. It is particularly important to be able to explain the product s value proposition at the point-of-sale to this aging generation. About AMG Strategic Advisors AMG Strategic Advisors is the growth strategy consulting unit of Acosta, assisting clients in accelerating profitable growth by leveraging insight driven strategies and advanced analytics. AMG Strategic Advisors leverages its seasoned consultants from leading strategy firms with proven industry expertise to provide best-in-class strategy consulting, brand positioning, shopper and marketing insights, and data analysis. For more information, visit Acosta.com. For more information about this Hot Topic report or other AMG Strategic Advisors research, contact Colin Stewart at cstewart@ acosta.com. Copyright 2013 Acosta. All Rights Reserved 8
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