Habits change during big life events and the over 55's aren't immune to the power of change - how do brands and retailers go about retaining their most valuable customers
By being ready for the big switch - Upweight trial tactics to capture shoppers in a stage of flux and plan to guard against private label
3 factors will make H2 2020 a shake up for many grocery categories. The knock on impact of major life events, the inevitable triggers from changing shopping habits and the all but certain recession ahead.
Behavioural scientist @Richard Shotton states that we are more open to changing habits during big life events and brands need to invest so as not to get left behind.
Normally this is interpreted as the start of a New Year, or when a milestone birthday is approaching. However pandemics could also fall neatly into that category. These moments cause us to reflect and reassess choices.
For grocery shopping, this might not mean an existential crisis when deciding which coffee to buy, but the mindset does again filter through to everyday decision making at a subconscious level.
Kantar data also shows that changes in shopping behaviour, such as which channel we shop through makes us more prone to changing the brands we choose.
Finally, over 55’s shoppers may be less susceptible to the direct effects of recessions (albeit far from immune), but the recessionary environment will lead many to focus in on saving money. Coupled with a rate of grocery inflation that’s twice the normal average right now means we can expect some significant changes in shopper bases over the next 12-18 months.
WHAT DOES THIS MEAN FOR FMCG BRANDS?