In high school, I remember buying this really cute tank top at Target. Full disclosure: said tank top was purchased because I had spilled a frozen caramel machiatto on myself while driving to my friends house, and, while this isn't unusual for me, I didn't have anything else to change into. I got a lot of compliments on that tank top, but, I distinctly remember awkwardly changing the subject when asked where it was from. While I thought it was a STEAL at $10 for something that garnered so much attention, I was embarrased it wasn't from Nordstroms or Express (or something more respectable in those days).
This, my friends, was before the days of "Tar-jaaaaaaay" and before it was cool to get something at a great price or on sae. Now, it's pretty much a badge of honor to say you snagged something at a thrift shop, Gilt Groupe, or that it was "totally 30% off of the 60% off and I had a coupon!"
This isn't just for apparel. According to the American Pantry Study, a Deloitte and Harrison Group, consumers are savvier than ever before, and that they "expect discounts, shop for deals, know when the deals are and like (some) private-label brands just fine."
Here's some stats:
- 80% of shoppers like to see how much money they can save via coupon use or shopper loyalty cards
- 69% are disappointed when they discover that a brand recently purchased is on sale at another store
- About 50% of the items consumers buy on stock-up trips are sale items, and about a third estimate that 70% of the items they bought on those trips were deals
- 62% said that have a good idea when products they want to buy will be on sale
- 90% said they are becoming more precise in what they buy
- 80% said they have become more efficient at getting in and out of the store
- 87% of respondents cited several store brands that they think are just as good as national brands when it comes to saving money without giving up quality
- 90% said they have already figured out which store brands and private labels work for their families
So what's the bottom line for CPG brands (and brands in other industries as well)? According to Pat Conroy, vice chairman, Deloitte LLP and consumer products sector leader, “shoppers today expect to get a deal on the products they purchase. With this mindset it is critical that consumer products companies take measures to enhance brand loyalty by connecting early and often with key audiences in environments outside of the store.”