Economy
07 April 2023
Crocs, e.l.f. Cosmetics gain share among Gen Z
Check out 12 findings from Piper Sandler's latest Taking Stock with Teens survey.
Photo by Zachary Nelson on Unsplash
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The preferences of teenagers say a lot about what one of the most valuable cohorts of consumers wants to see on the digital shelf, and where tastes are heading next.
That’s why Piper Sandler’s annual survey of teens proves to provide valuable insights. This spring's Taking Stock with Teens report received input from 5,690 teens across 47 states. The survey was fielded February 13 to March 21.
Here are a dozen key findings showing Gen Z preferences in areas that are relevant to ecommerce and retail:
Teen spending is up 2% year-over-year, with core beauty (cosmetics, skincare, fragrance) growing a notable 19% year-over-year to $313 annually. Cosmetics were up 32% year-over-year.
Shopping channel preferences are showing a shift to off-price (+500 basis points YoY) and secondhand (+200 bps YoY).
Buy Now Pay Later: PayPal’s “Pay in 4” was most popular, followed by Square’s Afterpay.
Apparel: Nike held onto the top spot for most popular brand, while lululemon fell to No 3.
Footwear: Crocs ranked No. 6 and Hey Dude ranked No. 8, both gaining share. On Running and Hoka were No. 12 and No. 19, respectively.
Beauty: e.l.f. remains the top cosmetics brand, gaining 900 basis points to 22% for female teams.
Beauty retail: Specialty Retail for beauty purchases was 75%, equalling spring 2021 highs. Mass/dept/drug reached a new low of 12%.
Snacks: Teens report the highest intentions to eat more or the same amount of Cheez-It and Goldfish. Goldfish remain the most preferred snack.
Plant-based: 42% of teens consume or are willing to try plant-based meat, vs. 49% in spring of 2021. In dairy, 40% are willing to try plant-based dairy.
Customer service: Phone is the No. 1 preferred method, while text/SMS showed the best multi-year gains.
Shopping: Amazon remained the top destination for shopping, while Nike gained the No. 2 spot.
Apps: TikTok remained the overall top app among teens.
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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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