Abstract
About this report
The current recession didn’t so much start a trend toward budget shopping as intensify one already in place. While belt tightening has been an ongoing process in recent years, the motivations for it have shifted considerably in the past 12 months as the recession has deepened and turmoil in the financial markets has played out. The spiking commodity and fuel prices of 2007 and 2008 have subsided, giving way to rising unemployment, declining real income, lower home values and loss of retirement savings. Even as the economy begins to show signs of stability in late 2009, it has become apparent that budget shopping will be the reality for a majority of Americans for years to come.
Based on exclusive Mintel consumer research examining budget shopping in detail, this report provides:
- Insight into the motivations behind budget shopping
- An exploration of key budget shopping behaviors, both overall and within specific retail channels
- An overview of what retailers across channels are doing to respond to budget shoppers, and recommendations on what they should be doing
- Insight into the growing popularity of store brands
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