A Linz marketing expert is sure that local grocers will respond to customers’ tightening budgets. Experiences from the 2008 financial crisis play a major role.
People are shopping less often and are turning to cheaper products and thus more and more to their own brands – Unimarkt boss Andreas Haider already noticed this change in customer behavior over the summer. The price increases, which can be felt everywhere, and the resulting tighter budgets will also leave their mark on the food trade, Christoph Teller believes.
The board of directors of the Institute of Trade, Sales and Marketing at Johannes Kepler University is convinced: “The dealers must learn to trade in a new way.” What does he mean by that? The part of the population that has a hard time making ends meet with the available resources will need to be better addressed: “It’s not about making supermarkets for the financially disadvantaged, it’s about adapting the assortment.” old continues, “We’ll see that in the stores — sooner rather than later.”
Lessons learned from the 2008 crisis
The big supermarket chains have already built here. The reason was the financial crisis in 2008, when many customers switched to discounters. To bring them back, the own brands at Billa, Spar and Co. greatly expanded. “Not only in the low price segment, but also in the higher price segment,” Teller says. And now? There will be more demand for products with very good value for money. Retailers then reserve more space on the shelves for them.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
