In the midst of a still challenging panorama, where a slowdown in consumption is highlighted, buyer trends continue to reflect traces of this situation, According to a report by the firm Raddar, He points out that although the economy shows “good signs”, the feeling of buying fewer things increases.
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According to the report, The purchasing perception of low-income households as of June 2024 was as follows: 6.08% perceive that they bought more things than last month, 66.22% see that they bought fewer thingswhile 27.7% consider that they bought the same things as the previous month.
In turn, in the Among middle-income households, 4.94% of households said they purchased more things than last month, 62.16% said they purchased fewer itemswhile 32.91% of households said they were able to get the same things as last month.
But in high-income families the feeling of limited resources is higher, since 73.64% had the perception that they bought fewer things in June compared to May, 5.12% considered that they obtained more things than the previous month, while 21.24% indicated that they acquired the same things as last month.
Raddar’s report also highlighted one of the major challenges that brands face: adapting to the preferences and possibilities of their buyers in order to convince them, according to their profile. According to the data, 62.61% of buyers identify themselves as deal hunters, 18.82% identify themselves as opportunity hunters, while 18.56% identify themselves as value hunters.
In this sense, when analyzing the composition of the promotion hunter profile by income levels, it is observed that Middle-income consumers are more likely to look for more deals in 2024 than in 2023followed by high-income consumers and finally low-income consumers.
By generation, Centennials are more concerned about seeking out good promotions than Millennials and Generation X.
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“Women are the ones who are looking for more discounts and promotions, while men, although they have gained market share, do not exceed the dynamics of 2023, which could be due to lower purchase frequencies and a greater search for value, for example, in the case of fashion.”the report detailed.
Raddar’s analysis stated that although the promotion hunter is growing, “has not exceeded the levels of the last inflationary period of 2016, despite the fact that 2023 had much higher inflation rates.”
“This could be due to the growth of the opportunity hunter and subsequently the value hunter, which has gained importance in recent months, which in turn could be reflected in the types of consumers, where when reviewing the last few months, the greater participation of a learning consumer is evident, this one seeks to learn about the service or the product, understand it or even share their experience. These consumers in training move quickly between categories, being able to take advantage of where there are promotions, but generating a greater bond where the value proposition satisfies them.“the report highlighted.
However, in light of macroeconomic phenomena, the report reaffirmed that from 2023, buyers will have a more rational relationship with brands: “more top of mind than top of heart.”
Finally, the analysis highlighted the popularity that the model has gained hard discount among consumers. Thus, out of every 100 shopping trips (between January and May 2024), 14.71% corresponded to stores of this type, reflecting an increase of 1.95 percentage points compared to the same period in 2023. For its part, out of every 100 shopping trips, 9.68% corresponded to large stores (between January and May 2024).
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How have supply and demand been in recent times?
According to Raddar’s study, consumers want new moments of consumption in everyday life, but in the face of a panorama of uncertainty “people want to return to old moments of consumption.”
“In the face of reactivation, the consumer asks to live in a hybrid: between the old and the new, while seeking to return to 2019. The Colombian consumer is looking for new moments of consumption, and we have not given them to them.“, the report detailed.
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