Author: Andreas Riekötter, Managing Director IFH MEDIA ANALYTICS

Although inflation is flattening out somewhat, the continuing high price level for products and services means that purchasing power and consumer sentiment remain low. It is therefore no wonder that current shopping behavior is very targeted and action-driven. This can be seen in the more frequent use of private labels, as well as in the avoidance of products and services that are not absolutely necessary – savings must be made.

Focus on favorable offers and low prices

In a representative survey conducted by IFH MEDIA ANALYTICS, around two thirds of consumers surveyed stated that they had reduced their consumption due to high prices and were paying more attention to special offers. The focus on their own spending and the pressure to save money remains high and is leading to supply-centered purchasing behavior. The larger the household, the greater the pressure. At 71%, single parents confirmed that they were increasingly shopping at cheaper discounters. In addition, the willingness to switch to stores with better offers has increased (48%) and online purchases have also increased (39%). More than half of those surveyed now refrain from buying more expensive branded products. More than 60% of consumers surveyed stated that they no longer make impulse purchases. This illustrates how important appropriate price communication is in these times – it is therefore advisable for companies to wrap advertising messages in a price offer context.

Inflation offers: focus on the brochure

In this context, the printed brochure continues to be the most frequently used medium for communicating offers, with groundbreaking characteristics for expenditure and purchase planning. 64 percent confirmed that the brochure primarily helps them to buy at a good price. As a conditioned medium, the brochure focuses compactly and with a high reach on exactly what consumers are currently looking for:
A targeted overview of prices and offers for the following week!

The fact that discounters naturally stand for “saving money” with intensive price communication like no other format and are therefore the beneficiaries of this development is common practice for individual consumers. In these times of inflation, non-discounters should therefore also focus on increasing price perception among consumers in their product communication.
Additional added values such as quality, service or sustainability are currently receding into the background, but they create a decisive impulse for the purchase decision when prices are equal and also ensure that they are perceived authentically in the medium and long-term strategy. In addition, customers and consumers who do not (have to) focus their purchasing behavior primarily on price continue to feel addressed.

Would you like to find out more about the role of brochures and other channels for communicating offers in times of inflation and higher prices? Click here to go to our brochure monitor.