When asked what crossed their minds when making decisions to purchase food, household and personal products, 64% of global consumers cited value for money, according a study by Ipsos Marketing.
For their food-related purchase decisions, consumers were most likely to consider value and taste, with nearly two-thirds citing these as decision-making factors. Other factors considered included quality (55%), expensiveness (50%), and healthy ingredients (44%).
"For consumers at large, value is foremost on their minds when shopping for CPG products," observed Gill Aitchison, president for Ipsos Marketing's Shopper & Retail practice. "But it's not surprising that quality and expensiveness would be cited as major drivers in the purchase decision as well because value is, in essence, a trade-off between quality and price."
The factors considered when making decisions to purchase household and personal products were nearly identical to those for food. Nearly two-thirds of consumers considered value when making the decision to buy a household or personal product, followed by quality (54%) and expensiveness (49%). Convenience was a more important factor in household and personal product purchase decisions than in food purchase decisions (48% compared to only 34% for foods).
Geographically, when compared to other countries in the study, more consumers in France (81%) and Canada (79%) were likely to cite value for money as a decision-making factor when shopping for food. However, consumers in Russia (51%) and Brazil (52%) were - perhaps surprisingly - the least likely to consider value for money when making purchases.
The study also highlighted other factors that marketers should communicate effectively at the point of purchase. For marketers of food products, good taste and healthy ingredients are influential in consumer's in-store purchase decisions while, for household and personal products, convenience has become a strong influence.