ARLINGTON, VA - Absorbing factors like inflation, availability, sustainability, and more, consumers’ definition of “good value” is evolving with the times, according to FMI. In its recent U.S. Grocery Shopping Trends 2023 series, the company discusses the complexity of shoppers’ viewpoints as they head down the grocery aisles.

“Understanding how dramatically grocery shoppers are expanding their definition of value is imperative for the food industry as consumers adjust their purchasing patterns and habits amid continued economic uncertainty,” said Leslie G. Sarasin, President and Chief Executive Officer of FMI. “This report highlights that price is not necessarily the be-all-end-all when it comes to shopper perceptions of value, and also that the notion of value itself has become an increasingly more complex, subjective, and even personal calculation.”

Across the board, the analysis uncovered several common considerations for how consumers think about value when it comes to food and beverages they buy, as well as the stores and channels they use to shop. According to a release, these include inflation and emerging dimensions regarding quality, relevance, experience, and convenience.

In the past, good value was generally measured by the simple equation of higher quantity at a lower price; however, many shoppers are shifting the definition toward a more holistic measurement. While getting a good value is a priority across all income and demographic levels, younger shoppers are more driven by this new approach.

Demographic explorations within the report revealed:

• 62 percent of millennials increasingly say they prefer to minimize food waste by buying only what they need
• Convenience and a pleasing shopping experience are also key drivers of value for younger shoppers: 47 percent of millennials say that they are willing to spend more money to avoid shopping at multiple stores, while 50 percent say they would spend more to shop at more pleasant stores
• Younger shoppers are also more willing to buy the best quality items regardless of price. Fifty-two percent of millennials and 42 percent of Gen Z-ers express that sentiment, compared to 22 percent of Baby Boomers

“There is a perception that shopping in-store is the best method for getting good value. This belief is shared across all generations, although younger shoppers are more flexible and more likely to see value in both online and in-store shopping, depending on the situation,” added Sarasin.

To read more details of the report, click here.

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FMI