Business
New Consumer Shopping Habits, Spend Behavior and Brand Loyalty Survey Released by Snipp Interactive
VANCOUVER, BC / ACCESSWIRE / December 12, 2022 / Snipp Interactive Inc. ("Snipp" or the "Company...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"New Consumer Shopping Habits, Spend Behavior and Brand Loyalty Survey Released by Snipp InteractiveVANCOUVER, BC / ACCESSWIRE / December 12, 2022 / Snipp Interactive Inc. (\"Snipp\" or the \"Company\") (TSX-V:SPN)(OTC PINK:SNIPF), a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector, is pleased to release its latest US consumer survey and insights, \"Inflation and the Ever-Evolving Shopper\". Snipp conducted this survey to better understand American consumer behaviors and shopping preferences during these inflationary times.The survey validates many recognized behaviors including shoppers' return to physical retail, but reveals surprising insights about their brand loyalty, store choices and price sensitivities. It also reveals that with fluctuating prices at the pump, increasing interest rates and ever-escalating grocery bills, consumers are on a mission to economize.Shoppers are back in-store but seeking value with a vengeance, switching retailers and brands at every turn to help take the sting out of rising costs across all categories. Some of the key insights from the survey include:Shoppers are back in stores: 60% of those surveyed reported they shop in physical stores more than they did compared to the same time last year.Switching brands and retailers: 57% have switched to a new retailer to save money, 51% choose similar items from a different brand when their favorite item is out of stock.Shopping more at Walmart, less at Target: Compared to the same time last year, 32% shopped more at Walmart and 39% shopped less at Target.Budgeting More: 51% are trying to stick to a certain budget more than in the past.Seeking Savings: 73% are buying products on deals more than a year ago.\"In the current environment, consumer loyalty is fleeting, so brands and retailers need to take appropriate actions to meet current and newly acquired shoppers in their preferred channels. This survey illuminates the necessity for CPG brands and retailers to create value that goes beyond price in order to stay competitive and relevant with fickle, savings-minded consumers\", said Tom Treanor CMO of Snipp.As brands and retailers continually walk the tightrope between delivering value to consumers and profits to their bottom line, the report also offers strategies for innovative marketers to engage savings-minded shoppers,...