http://www.gourmetretailer.com/gourmetretailer/headlines/article_display.jsp?vnu_content_id=1003253005A new Yankelovich study says consumers have permanently changed their shopping habits as a result of the high prices they had to pay at the pump, reports Brandweek.
Marketers must not only acknowledge this new frugal customer base, they need to strategize accordingly for the next inevitable spike. "The most recent gas price upheaval may be coming to an end, but another surely awaits," reads the report. "Smart marketers will use this period to plan." A new report from Information Resources Inc., Chicago, supports the Yankelovich findings. IRI predicts gas prices will rise again in spring 2007 and recommends packaged goods marketers should "plan for future periods of price escalation."
Planning needs to recognize the metamorphosis today’s shopper has undergone. According to Yankelovich, the profile of today’s consumer is such: 67 percent of shoppers will shop for several items at one store instead of driving around; 66 percent make price comparisons; 64 percent do research before making a purchase; and 63 percent are waiting for sales.
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Unlike in the past, shopping habits will not shift back to the norm, said Lexi Hutto, senior consultant at Yankelovich. "There is a prolonged bias. Everything won’t snap back to the way it was. It’s like a rubber band that’s been stretched too much."
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There is good reason for concern. The average American household will spend 5 percent of its pretax annual income on gasoline, according to Yankelovich. IRI estimates an extra $535 was spent on gas, per household, this year.