AMSTERDAM: Some 60% of consumers claim they are buying fewer grocery products as price becomes a key factor in purchasing, according to research conducted in 22 countries around the world by Ipsos MORI Global Advisor.
As argued in a recent article in Admap magazine, low price is not always the best approach, but brands need to understand consumers' "willingness to pay, price sensitivity and perception of value."
The Ipsos/ESOMAR survey of 23,000 consumers found consumers are most price-focused in France, where 66% of French shoppers said price wa the most important factor in determining their purchase decisions. This compared with 55% of British respondents and 40% of Germans.
In France, 80% of respondents also said they were cutting back on grocery goods, a figure falling to 56% in the UK.
Latin America was found to be the worst affected region in the survey, with 75% of respondents saying they had cut back on purchases of food product.
ESOMAR's Retail and Shopper Conference is being held on 2–4 March in London. For more details about this event, click here.
Data sourced from ESOMAR; additional content by WARC staff