I'm just heading out of that age group plagued by competitive consumption - first house, best job, nicest car, trendiest furniture... sometime in the early 30s, people fall out: the ones who were leading the packs of their college friends (and thus will likely have to do so forever) all the way down to those that just blew it and are done trying (that's me!).
So, I'm having a hard time seeing this growing consumer trend that's been hitting the news all over: treasure hunters.
I love this phrase in BCG's paper:
Today everybody loves a bargain, and people boast about the low prices they pay. You feel smart to spend the smallest amount you can, no matter how wealthy you are. It used to be that the janitor would drive an old Cadillac to show he had class. Now the Mercedes-Benz driver shops at Target to show she has smarts.
And, this is the telling stat: Aldi - the world's leading hard-discount retailer for food and household goods is the third most respected brand in its German homeland - right behind Siemans and BMW.
I think Target is in a pretty close respect parallel in this country. But, if the trend continues, I could see a Big Lots - morally unambiguous, unlike a Walmart - really taking a leap in brand awareness and aspiration.
A couple of other motivators and drivers:
- Nearly two out of five shoppers (39.4%) said they "save a lot in some places and splurge in others".
- 71% said "it makes me happy" when they purchase an item because it's good value for money. More than half (59%) said "it's exciting" and the 51% said "it feels like I'm on a treasure hunt";
- Most consumers (92.3%) said they tell people about their successes - and how much they paid - when they get a great deal on something special to wear or for their home;
- Almost three-quarters (73.3%) of Americans said they had purchased an item that they didn't need at the time, simply because it was good value for money;
- Three-quarters (75.1%) said they believe "cheap is good" in some categories.
- Almost two-thirds (64%) of Americans said there are more places now than there were five years ago to find real value for money when shopping;
- 73.1% of Americans identified themselves as "savvy shoppers".
Read the studies:
Cheap is Good
Treasure Hunt
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