Value-conscious shoppers make up a large portion of the US retail landscape. Mintel’s market research report provides an analysis of what value means to US consumers and how it affects their habits and needs.
Key Issues Covered in this Report
- The impact of economic pressures on how consumers approach value.
- Meaning of value as explored through Mintel’s Trend Driver Value and its four pillars: Budget, Convenience, Quality and Premium.
- Consumers’ budget-conscious shopping behaviours.
- How consumers perceive convenience, quality and premium.
- Attitudes toward value-based shopping and value perceptions of retailers.
US Value-Conscious Shopper – Consumer Insights
Economic pressures are driving a value-conscious mindset, Mintel’s market research finds that over half of US consumers are budgeters in some form. However, price is not the only factor consumer consider, quality is an essential component of value, and often matters more than price. For some consumers, low prices can even hold a negative connotation as lower in quality.
Opportunities for the US Retail Market
Many US adults consider convenience and quality more important than price, highlighting that brands and retailers need to take a holistic view that encompasses all aspects of value. It is the whole package – budget, convenience, quality and premium – that resonates and builds trust with consumers.
For more analysis on the US Value-Conscious Shopper, purchase Mintel’s full consumer research report. Readers of this report may also be interested in Mintel’s US Monetary Value vs Moral Value Market Report.
Expert Analysis from a Retail Specialist
This report, written by Brittany Steiger, a leading Retail analyst, delivers in-depth commentary and analysis to highlight current consumer value trends in the retail industry.
Consumers are more value-conscious than ever amid economic pressures. However, value is more than budget, as convenience, quality and premium all play a role.
Brittany Steiger
Senior Analyst, US Retail and eCommerce Reports
Collapse All
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- Key issues covered in this Report
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Executive Summary
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Consumer Insights
- Consumer fast facts
- How consumers approach value
- Graph 1: importance of value factors, ranked, 2023
- Graph 2: importance of value factors, ranked, by budgeters, 2023
- Graph 3: importance of value factors, ranked, by non-budgeters, 2023
- Graph 4: importance of quality, ranked, by generation, 2023
- Graph 5: importance of budget, ranked, by generation, 2023
- Graph 6: importance of convenience, ranked, by generation, 2023
- Graph 7: importance of premium, ranked, by generation, 2023
- Budget-conscious consumers
- Graph 8: consumers’ current approach to budgeting, 2023
- Graph 9: consumers’ current approach to budgeting [NET] , 2023
- Graph 10: year-over-year comparison of budgeting approach [NET], 2021 vs 2023
- Graph 11: consumers current approach to budgeting [NET], by generation, 2023
- Graph 12: consumers’ current approach to budgeting, by household financial situation, 2023
- Graph 13: impact of inflation on spending, by household income and financial position, 2023
- Budget-focused shopping behaviors
- Graph 14: budget-conscious shopping behaviors, 2023
- Graph 15: select budget-conscious behaviors, by household financial position, 2023
- Graph 16: select budget-conscious behaviors, by household income, 2023
- Graph 17: attitudes toward budget shopping, by budgeting status, 2023
- Graph 18: select attitudes toward budget shopping, by generation, 2023
- Graph 19: store brand switching, by race and Hispanic origin, 2023
- Convenience-oriented experiences
- Graph 20: convenience vs price, by generation and parental status, 2023
- Graph 21: convenient shopping options, 2023
- Graph 22: select convenient shopping options – speed and efficiency, by generation, 2023
- Graph 23: select convenient shopping options – online and omnichannel, by generation, 2023
- Graph 24: attitudes toward shipping fees, by generation, 2023
- Graph 25: interest in in-store pickup, by parental status
- Graph 26: interest in flexible payment methods, by household financial situation, 2023
- Importance of quality and premium
- Graph 27: aspects of quality, 2023
- Graph 28: aspects of quality, by budgeting status, 2023
- Graph 29: aspects of quality, by generation, 2023
- Graph 30: select attitudes toward quality and premium, by generation, 2023
- Graph 31: select aspects of quality and attitudes toward sustainability, by generation, 2023
- Graph 32: aspects of quality, by race or Hispanic origin, 2023
- Value perceptions of retailers
- Graph 33: value perceptions of retailers, 2023
- Graph 34: perceptions of affordability at select retailers, by household income, 2023
- Graph 35: high-quality perceptions of retailers, by generation, 2023
- Graph 36: value perceptions of warehouse clubs, by race and Hispanic origin, 2023
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Competitive Strategies
- Marketing and advertising
- Opportunities
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The Market
- Market context
- Market drivers
- Graph 37: Consumer Price Index change from previous period, 2007-23
- Graph 38: household financial position, 2021-23
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Appendix
- Correspondence analysis
- Consumer Data
- Graph 39: [no title]
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Curious about how a Market Intelligence report comes together? We like to think of it as building a detailed puzzle. We start with individual pieces: data from consumers, market statistics, industry trends, and online conversations. Then our expert analysts add world-class human insight and industry knowledge. The pieces are assembled to reveal a clear, comprehensive picture of a market.
The Four Pillars of Our Research
We use a combination of four main research methods when creating our reports, each adding a valuable perspective:
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- Desk Research: In-depth review of trusted data sources. We use this rich database, plus powerful internal tools that track new products and market sizes, to detect trends and guide forecasts.
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Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.
Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.
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