The ever-expanding definition of value
New research from FMI, The Food Industry Association, and The Hartman Group reveals that grocery shoppers no longer view “good value” as purely the best quality for the lowest price.
As consumers continue to navigate higher grocery prices caused by inflation, they consider numerous factors to maintain their unique value expectations for both the food they buy and where they buy it. FMI’s U.S. Grocery Shopper Trends survey found that dimensions of quality, relevance, experience and convenience are now commonly layered onto the price-quantity ratio.
Findings indicate that younger shoppers, in particular, are driving the shift toward a more holistic definition of value: 52% of millennials and 42% of Gen Z-ers are more willing to buy the best quality items regardless of price, compared to just 22% of Baby Boomers. Relevance is also highly important to younger consumers, with 62% of millennials preferring to minimize food waste by buying only what they need.
Interested in learning more about younger consumers’ attitudes and priorities related to foods & beverages? Contact us about our upcoming syndicated study: Gen Alpha & Gen Z – The Future Food and Beverage Consumer. Plus, additional information about how consumers procure foods and beverages is available now in our Food Sourcing in America 2022 report.