Consumers Influenced Most by Price When Deciding on CPG Brands to Purchase

Valassis CPG Selection Criteria Sept2020With all that has been said about influencers and their ability to drive some people to purchase products, their sway may not extend too much to CPG brands. Only a small portion of consumers say that an endorsement by celebrities or by popular influencers (5%) influences their likelihood to purchase specific such brands, per a report from Valassis.

Price and quality appear to be much more important to consumers when it comes down to making a purchase decision. For about two-thirds (64%) of the 1,000 US consumers surveyed, affordability influences their purchase of specific brands, while some 51% say that high quality increases their likelihood to purchase. Others are influenced to purchase specific CPG brands by coupons/discounts (41%), safety (35%), organic (22%), no animal testing (21%) and environmental sustainability (20%).

Baby Boomers are much more likely than average to be influenced to purchase a brand by factors such as affordable price (79%), high-quality (56%), and offers (52%). On the other hand, Gen Z consumers have a higher propensity than average to be influenced by a brand’s support of diversity (24%), support of charitable causes (22%) and fair employment practices (22%). They were also more than twice as likely to be influenced to purchase by endorsements of celebrities or popular influencers (12%).

COVID-19 has also changed some shopping behaviors of consumers, with 7 in 10 saying they have been looking for more ways to save money since the pandemic. While this is especially a concern for Millennials (80%), Baby Boomers (63%) are also looking for ways to save, in light of COVID-19. Indeed, recent data from IRI found that many older Americans were concerned about their financial security during this time.

One area where consumers are attempting to save money is with grocery purchases, and their preparation is done well before entering the store, with coupons remaining popular. About three-quarters of consumers say they are comparing prices by using printed store circulars (76%), searching online circulars for deals prior to going to the store (76%) or using coupons when planning their lists (75%). Others are comparing prices between brands using online store circulars (71%) and choosing stores based on where they can use paperless discounts (68%) or paper coupons (66%).

The full report can be found here.

About the Data: Results are based on a survey of 1,000 US consumers (18+).

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