Economy
23 March 2023
32% of Gen Z consumers shop online daily
Consumer behavior differs by age group, Jungle Scout finds.
Photo by Laura Chouette on Unsplash
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Gen Z consumers are shopping online at higher rates than other generations, and choosing to start product searches on TikTok over Google.
Those are a couple of takeaways from a new report on consumer trends issued this week by ecommerce seller platform Jungle Scout.
When it comes to Gen Z consumers, the report found the following:
Daily digital: 32% of Gen Z consumers shop online at least once daily. That’s compared to 25% of millennials, 15% of Gen X and 7% of baby boomers.
Starting at TikTok: 43% of Gen Z consumers start product searches on TikTok. That’s a higher share than those that start searches on Google. In the overall population, a majority of consumers still start product searches on Amazon.
Secondhand savings: 42% of Gen Z consumers purchased a resale item in the last year. Gen Z is the most likely generation to shop secondhand items online to save money.
The report highlights how Gen Z appears to be more digitally inclined, and willing to embrace emerging shopping modes, whether that is a social media platform or category like resale. At the same time, it underscores the generational variation in consumer behavior.
Gen Z seems to be putting the lowest priority on saving money, despite wider anxiety about the economy during this period of high inflation. The report found that baby boomers are 78% more likely than Gen Z to purchase items on sale. Boomers are also the most likely to use credit cards that have perks allowing them to save money.
Meanwhile, 56% of Gen X and 43% of millennials are cutting back on purchases in the fun or impulse category to save money. Among Gen Z consumers, the share of those pulling back is 37%.
“In the world of ecommerce, one size does not fit all,” says Michael Scheschuk, President of Small & Medium Business at Jungle Scout. “Businesses must understand each generation’s unique values, preferences, and behaviors to create tailored strategies. As the youngest and newest cohort of shoppers, Gen Z offers invaluable insights into the current and future trends shaping retail.”
A note on spending: When it comes to overall commerce spending, data from Jungle Scout shows that spending ticked up in the first quarter, though more spend is being directed toward essentials. Consumers bought more groceries, cleaning supplies and supplements, while cutting back on discretionary items such as electronics, clothing and home goods.Subscribe to The Current Newsletter
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Marketing
09 June 2023
'There's a lot of ways to frame value'
Campbell Soup Company CEO Mark Clouse offered thoughts on messaging amid inflationary shifts in consumer behavior.
Photo by Kelly Common on Unsplash
After months of elevated inflation and interest rate hikes that have the potential to cool demand, consumers are showing more signs of shifting behavior.
It’s showing up in retail sales data, but there’s also evidence in the observations of the brands responsible for grocery store staples.
The latest example came this week from Campbell Soup Company. CEO Mark Clouse told analysts that the consumer continues to be “resilient” despite continued price increases on food, but found that “consumers are beginning to feel that pressure” as time goes on.
This shows up in the categories they are buying. Overall, Clouse said Campbell sees a shift toward shelf-stable items, and away from more expensive prepared foods.
There is also change in when they make purchases. People are buying more at the beginning of the month. That’s because they are stretching paychecks as long as possible.
These shifts change how the company is communicating with consumers.
Clouse said the changes in behavior are an opportunity to “focus on value within our messaging without necessarily having to chase pricing all the way down.”
“No question that it's important that we protect affordability and that we make that relevant in the categories that we're in," Clouse said. "But I also think there's a lot of ways to frame value in different ways, right?”
A meal cooked with condensed soup may be cheaper than picking up a frozen item or ordering out. Consumers just need a reminder. Even within Campbell’s own portfolio, the company can elevate brands that have more value now, even if they may not always get the limelight.
The open question is whether the shift in behavior will begin to show up in the results of the companies that have raised prices. Campbell’s overall net sales grew 5% for the quarter ended April 30, while gross profit margins held steady around 30%. But the category-level results were more uneven. U.S. soup sales declined 11%, though the company said that was owed to comparisons with the quarter when supply chains reopened a year ago and expressed confidence that the category is seeing a longer-term resurgence as more people cook at home following the pandemic. Snacks, which includes Goldfish and Pepperidge Farm, were up 12% And while net sales increased overall, the amount of products people are buying is declining. Volumes were down 7%.
These are trends happening across the grocery store. Campbell is continuing to compete. It is leading with iconic brands, and a host of different ways to consume them. It is following that up with innovation that makes the products stand out. Then, it is driving home messaging that shows consumers how to fit the products into their lives, and even their tightening spending plans.
Campbell Soup is more than 150 years old, and has seen plenty of difficult economic environments. It is also a different business today, and will continue to evolve. At the end of the day, continued execution is what’s required.
“If it's good food, people are going to buy it, especially if it's a great value,” Clouse said.
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