During FMI2012, the retail food show hosted by the Food Marketing Institute (FMI), President and CEO Leslie G. Sarasin addressed the top macro consumer trends and their impact on the food retail industry’s trajectory. Below are the findings from FMI that will be explored further in a white paper and a series of webinars this summer:
The changing consumer mindset. Consumers are telling stores that bargain hunting is here to stay. With 61 percent of consumers seeking discounts in the store, and 78 percent declaring this behavior as the new “normal,” retailers must face how to compete when customer loyalty has less of a stronghold.
Technology enhanced shopping. Previously for the young and upper income demographics, technology is breaking boundaries and being embraced by all. Whether its online coupons, checking and comparing prices online or utilizing a mobile device, consumers are able investigate every product to make an educated choice.
E-commerce. While electronics, books and music dominate in online purchases, 54 percent of consumers have made an online purchase in grocery. Center store, non-perishable items are moving to the online market, expanding the playing field in which brick-and-mortar stores have to compete.
Innovation in store formats. Retailers are discovering that bigger isn’t always better. Focusing on value-added and customized offerings for the customer, supermarkets are serving their customer, not square footage.
Please visit the FMI website for more information.