For as much as shoppers want to find great value while grocery shopping, it’s important to remember that they won’t sacrifice on quality. Black grocery shoppers will find stores with better prices, stock up on sale items, buy store brands, use coupons and leverage loyalty programs long before they’ll cook with cheaper ingredients or buy marked-down food that’s close to its expiration date. Stakeholders that want to win on value need to do so in a way that does not take away from quality.
The good news for grocery brands is that the economy is moving in a direction where budgets won’t be quite as tight as they have been. GDP is consistently positive, inflation and interest rates are down and Black consumers are feeling better about their finances. That creates more spending flexibility for brands to demonstrate their quality rather than focusing on economy-driven price sensitivity.
Looking ahead, both opportunities and threats will stem from the potential to get shoppers to switch where they buy and what they buy. Many shop at multiple stores, while others are switching to lower-priced options to save money. Those behaviors open the door for competitors to win a larger share of their baskets, which is simultaneously an opportunity and threat for stakeholders.
Quality is paramount in grocery and will remain so as the economy stabilizes and Black shoppers feel more confident about their finances.
Courtney Rominiyi, Multicultural Consumer Insights Analyst
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