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Value is a top priority when purchasing consumer packaged goods products, according to findings from a study conducted by Ipsos Marketing, Consumer Goods. When asked what thoughts crossed their minds when making decisions to purchase food, household and personal products on their most recent grocery shopping trip, almost two-thirds (64%) of global consumers indicated value for the money.
“For consumers at large, value is foremost on their minds when shopping for consumer packaged goods products – whether it is a food, household or personal product,” says Gill Aitchison, President, Ipsos Marketing, Shopper & Retail. “It is really not surprising that quality and expensiveness would be cited as major drivers in the purchase decision as well since value is, in essence, a trade-off between quality and price.”
For food product purchasing decisions, global consumers were most likely to consider value and taste, with nearly two-thirds of them citing these as decision-making factors. Following value and taste, consumers were most likely to consider the quality (55%) and expensiveness (50%) of the food product and then healthy ingredients (44%).
The factors considered when making decisions to purchase household and personal products were nearly identical to those for food: nearly two-thirds of consumers considered value when making the decision to buy a household or personal product, followed by quality (54%) and expensiveness (49%). Convenience was a more important factor in household and personal product purchase decisions than in food purchase decisions (48% vs. 34%).
Of note in the study are the differences highlighted between various countries. When compared to other countries in the study, more consumers in France (81%) and Canada (79%) were likely to mention "Value" as a decision-making factor when shopping for food. In contrast, consumers in Russia (51%) and Brazil (52%) were least likely to mention "Value" as a decision-making factor.
Beyond value, the study data indicates other factors that Marketers should communicate at the point of purchase. For marketers of food products, good taste and healthy ingredients are major influencers on the consumer’s in-store purchase decision. For household and personal products, it is appears that convenience is a strong persuader.
According to new International Food Information Council (IFIC) Functional Foods/Foods for Health Consumer Trending Survey, eighty-nine percent of Americans agree that certain foods have benefits that go beyond basic nutrition, and may reduce the risk of disease or other health concerns, a significant increase from just two years ago.
“This year’s survey findings show us that Americans are making the connection that foods can play an important role in achieving optimal health,” said Elizabeth Rahavi, RD, and Associate Director of Wellness at IFIC. “Consumers’ awareness of many food and health relationships has reached an all-time high.”