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Thursday, May 3, 2012

Today, 60% of food shopping is intended to satisfy an immediate need

Observation:  According to a report from the International Dairy, Deli and Bakery Association, the majority of trips will involve purchasing food for instant consumption or an immediate need.  Further, consumers are spending more on food and gasoline because of rising prices in both categories, and placing more emphasis on health as something that contributes to the value proposition.  A summary of the findings were published in an article from Convenience Store Decisions, and you can click here to read it.

Implications:   Time Sensitivity remains an important—and increasing—driver of consumer behavior today.  Grocery stores that waste consumer’s time risk being displaced by companies that offer quicker meal solutions, faster checkout alternatives, or entirely different channels… such as convenience stores, restaurants or home delivery meal options.

But certainly, this need for speed isn’t confined to food consumption.  Is your company, product or service subject to the rule of Time Sensitivity law?  Is there anything you can do to accelerate your offering?  Or—and this is a very real possibility—is your category immune to the issue, satisfying customers who are so time-stressed that they’re eager to slow down, relax, and have a nice candle-light dinner?  Could you have different customers who expect different things… or the same customers who want speed on a weekday but leisure on the weekend?

Staying in-touch with consumers has never been more important, as the benefits they seek within the products they buy continue to evolve.  [By the way, for more stories on the issue of Time Sensitivity, click here.]

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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