CHICAGO — Consumer sentiment around grocery shopping is improving, driven by an uptick in the outlook of Millennials, according to the latest quarterly MarketPulse report from Information Resources Inc.
IRI’s Shopper Sentiment Index — which seeks to measure price sensitivity, brand loyalty and spending required to maintain a desired lifestyle — was the highest since the index was launched in the first quarter of 2011. With a benchmark of 100 as of Q1 2011, the latest survey put the Shopper Sentiment Index at 106, up from 103 in the first quarter of 2013.
The gain was driven mostly by Millennials, who continued to index below average but showed a sharp increase, to 94, in the second quarter. They had been indexing at around 85 since early 2012.
“We have been watching the Millennial segment for some time now, and they have struggled more than most throughout the downturn,” said Susan Viamari, editor of IRI’s Times & Trends report. “The recent uptick during the past couple of months may or may not signify a changing tide, so we’ll certainly be monitoring this group closely in the days and months ahead.”
Shopper Insights: Hot Topics in Consumer Trends
The report found that 28% of millennials feel their financial situation has improved in the past year, vs. 20% of those aged 25-54 and 16% of those age 55 and older. In addition, 42% of millennials expect their financial position to improve in the coming year, vs. 26% of those aged 35-54 and 17% of those aged 55 and older.
|Suggested Categories||More from Supermarketnews|