ZERO-MOMENT OF TRUTH: REDEFINING
THE CONSUMER DECISION-MAKING PROCESS
EXECUTIVE OVERVIEW

 
IRI's Times & Trends highlights new developments and critical events across all major CPG categories and channels, providing powerful benchmarking data to help guide your strategic decisions. This issue of Times & Trends provides insight into the mind of the new CPG shopper. A free summary is also accessible via the GMA website at www.gmaonline.org.
 


INTRODUCTION

The study of the consumer mindset has always been intriguing. In today’s economy, the opportunity to study the consumer is truly fascinating.

Due to first tenuous, then recessionary, economic conditions, the consumer has been forced to evolve. For CPG, this evolution has been marked by obstacles and opportunities.

Many changes observed over the past year have centered around cost-cutting. Away-from-home dining shifted to at-home dining. But convenience is still king. Self-care has emerged as a key money-saving strategy. And, nutrition has become a cornerstone of consumers’ wellness strategies.

From a shopping perspective, much has changed. Channel migration has increased. Private label is an integral part of the consumers’ money-saving efforts. And, importantly, the nexus of the consumer decision-making process has shifted.

No doubt, consumer packaged goods is a whole new ballgame today. It’s a game centered on the consumer. It begins and ends with the consumer mindset. CPG marketers with an intimate understanding of how the consumer is wired and a deft ability to market to the new consumer will win the game in the long run.
 

KEY FINDINGS

A prolonged period of recessionary economic conditions has led to marked changes in the consumer decision-making process; today’s CPG consumers are marked by more deliberate and discerning shopping patterns

In stark contrast to patterns seen just two years ago, today 83% of shoppers are making CPG purchase decisions before entering the retail store; though the economy shows signs of brightening, consumers remain steadfastly entrenched in pre-planned shopping behaviors.

Private Label Share of CPG Spending: All Outlet
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Though two-thirds of shoppers now rely on a list for CPG shopping, list-making strategies vary drastically across consumer segments..

Trip mission remains a key driver of channel selection, but product selection and convenience play a key role in determining shoppers’ ultimate retail outlet of choice.


Price remains a key driver of brand decisions; consumers’ quest for “best overall value” has elevated the role coupons and loyalty programs are playing in the consumer decision-making process.
 

 

 

 

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Source: IRI's Times & Trends Reports
Information Resources, Inc. (IRI) is the world’s leading provider of enterprise market information solutions and services to the consumer packaged goods (CPG), retail, and healthcare industries.