Grocery consumers continue to seek value at checkout, however, the measurement factors in more than a ratio between price-to-quantity, finds a recent report from the Food Industry Association. The U.S. Grocery Shopper Trends 2023 report found that younger shoppers are contributing to a modification of the term.
“Understanding how dramatically grocery shoppers are expanding their definition of value is imperative for the food industry as consumers adjust their purchasing patterns and habits amid continued economic uncertainty,” said Leslie G. Sarasin, president and CEO of FMI, in a statement. “This report highlights that price is not necessarily the be-all-end-all when it comes to shopper perceptions of value, and also that the notion of value itself has become an increasingly more complex, subjective, and even personal calculation.”
Some of the demographic shifts found are as follows:
• Sixty-two percent of millennials prefer to minimize food waste by buying only what they need.
• Forty-seven percent of millennials say that they are willing to spend more money to avoid shopping at multiple stores, while half say they would spend more to shop at more pleasant stores, compared to just 16 percent of Baby Boomers who express those sentiments.
• Fifty-two percent of millennials and 42 percent of Gen Z share they are willing to buy the best quality of items regardless of price, compared to just 22 percent of Baby Boomers.
These findings indicate that, among younger generations, value is beginning to factor in quality, relevance, convenience, and shopping experience, according to FMI.
Related: April Consumer Spending Up More Than Expected; How Shoppers Define Value