Shoppers with Positive Outlook on Economy More Likely to Vote for Obama, while Shoppers Most Impacted by Weak Economy More Likely to Vote for Romney, EconoLink Companion Survey Reveals
CHICAGO--(BUSINESS WIRE)-- Just over one quarter of shoppers (27 percent) anticipate they will be financially better off a year from now, up from a dismal 22 percent with this view one year ago. In a similar sign of good news, 21 percent believe their financial positions will be worse a year from now, down from an astounding 30 percent with that opinion last year at this time. This cautious optimism is a principal finding of SymphonyIRI’s second-annual EconoLink™ survey, “Economic Shopper Segmentation: A Look into How Shoppers Are Changing Their Behaviors in Today’s Economic Environment.” The study segments shoppers into one of six profiles and surveys their attitudes and shopping patterns. To get into the spirit of this year’s election season, SymphonyIRI also conducted a companion survey that analyzes shopper voting preferences based on their EconoLink profiles.
“Many shoppers believe their financial situations will be stronger next year, reflecting other SymphonyIRI surveys released this year,” said Robert I. Tomei, president, Consumer & Shopper Marketing, SymphonyIRI Group. “We anticipate, however, that many shoppers across all segments will continue to practice prudent shopping patterns, such as buying on deal, choosing store brands over national brands, and researching offers online. These foundational trends are not fleeting shopping behaviors and will have a profound impact on manufacturers and retailers for years to come.”
EconoLink groups shoppers into a series of unique profiles, enabling CPG and retailer marketers to better understand how their categories, brands and stores perform. These segments include:
Shoppers Are Increasingly Optimistic, but Pockets of Gloom Remain
The outlook for the future is generally positive among all EconoLink segments, with the most optimism exhibited by Downtroddens, 16 percent of whom believe their financial situation will be stronger one year from now as compared to 11 percent who held this belief last year. Start-ups’ optimism doubled; 18 percent believe their financial situation will be better next year, as compared to just 9 percent last year. Carefrees also have a positive outlook (18 percent this year versus 11 percent last year).
In addition to their outlook for the future, EconoLink also studied shoppers’ attitudes about their financial positions today versus one year ago. Overall, 18 percent believe that compared to last year at this time, their financial positions are better, versus 15 percent who held this view last year. Those stating their financial positions are worse today versus last year decreased from 38 percent in 2011 to 34 percent today. Within the EconoLink shopper segments, the largest increases in optimism occurred among Start-Ups (11 percent stating their financial situation today is better than one year ago versus 6 percent one year ago), and Carefrees (15 percent versus 10 percent).
However, trends that point to weaknesses in the recovery remain. Dollar spending via trade and coupons jumped to 31 percent from 27 percent in Q2 2012 over Q2 2011. Shoppers in some EconoLink segments are faring less well than others. Just 17 percent of Savvy Shoppers believe their financial situations are stronger today as compared to a year ago, versus 23 percent last year. Even Optimistics are not as positive as their segment name indicates; their beliefs about their financial situation this year versus last and for the future are statistically flat in this year’s survey when compared to last year’s results.
“Today’s shopping environment is extraordinarily complex, with shoppers sometimes reporting what appears to be inconsistent behavior,” said Larry Levin, executive vice president, general manager, Consumer & Shopper Insights, SymphonyIRI. “For example, Cautious and Worried shoppers, with the second-lowest median annual incomes and a bleak outlook, are not likely to actively collect coupons, use in-store circulars or pay attention to signs and displays in the store. Yet, they are among the most price-sensitive shopper segments. CPG and retail decision makers should use EconoLink segmentation information as part of an ongoing strategy to not only better understand their shoppers’ attitudes and habits, but also to develop relevant communications and promotional programs to drive their shopping behavior.”
And the Winner of the Presidential Election Is…
SymphonyIRI fielded a companion survey to this year’s EconoLink study, asking shoppers about their voting plans for the 2012 presidential election. Note, this survey was conducted prior to the first presidential debate.
When grouped by shopping segment, 60 percent of Optimistics, 49 percent of Savvy Shoppers and 48 percent of Start-Ups generally have a more positive outlook on the economy and appear more likely to vote for President Obama. While 46 percent of Downtroddens, and 44 percent of Cautious and Worrieds, seem to favor Governor Romney. Those who remain undecided in these segments range from 11 percent to 19 percent, which appear to be a higher percent than is widely reported in national polls.
When analyzed by candidate, 28 percent of Optimistics, 17 percent of Cautious and Worrieds, and 16 percent of Savvy Shoppers plan to vote for President Obama. While 26 percent of Cautious and Worrieds, 22 percent of Downtroddens and 15 percent of Optimistics, plan to vote for Governor Romney.
On an encouraging note, very significant majorities in all shopper segments are both registered to vote and plan to vote. Carefrees, Savvy Shoppers and Optimistics reported the highest numbers in both categories.
About the EconoLink Economic Shopper Segmentation Report
SymphonyIRI’s EconoLink Economic Shopper Segmentation Report is an annual study of shopper behaviors based on a series of unique profiles, enabling CPG and retail decision makers to develop new product, promotion, merchandising, pricing and store layout strategies to better cater to shopper wants and needs. SymphonyIRI surveyed 2,420 shoppers for the EconoLink segmentation between May 9-30, 2012 and Aug. 20-Sept. 9, 2012. Interviews for the companion presidential election analysis were conducted between Sept. 14-23, 2012. For more information on the report, please contact Carl Edstrom, principal, Survey Solutions, SymphonyIRI, at Carl.Edstrom@SymphonyIRI.com.
SymphonyIRI Thought Leadership Webinar
SymphonyIRI is offering a free webinar, entitled “It’s Still the Economy: How People’s Shopping Decisions are Driven By Their Economic Outlook,” at 11 a.m. CT on Oct. 25. To register for this webinar, hosted by Larry Levin, executive vice president, general manager, Consumer & Shopper Insights, SymphonyIRI, please visit: http://www.symphonyiri.com/NewsEvents/EventsWebinars/ItsStilltheEconomy/tabid/398/Default.aspx.
About SymphonyIRI Group, Inc.
SymphonyIRI Group is a global leader in innovative solutions and services for the CPG, retail and healthcare industries. SymphonyIRI uniquely combines powerful market and shopper information, predictive analytics, flexible technology solutions and consulting services to help its clients drive and grow their businesses. For more information, visit: http://www.SymphonyIRI.com.
Source: SymphonyIRI Group, Inc.