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1、The Lean:Retail Insights Brief-Vol.2|August 2022|1VOLUME 2|AUG 2022Retail Insights BriefTimely Consumer Insights for MarketersThe LeanThe Lean:Retail Insights Brief-Vol.2|August 2022|21 NRFBetween professional careers and personal lives,we understand that there is very little time left to read drawn
2、 out whitepapers.This is why we created The Lean meaning-ful marketing insights that help brands make strategic decisions about their marketing campaigns.Specifically designed for easy consumption and quick reference,each issue of The Lean applies offline behavioral data filters and other industry s
3、ources to current consumer trends to help understand the impact they are having on business outcomes such as visits and sales.GroundTruth data is sourced from the 30 billion annual global visits observed on its platform.All data is anonymized and aggregated.About The LeanThe loyalty that brands have
4、 worked so hard to regain over the past year is at risk as consumers opt for making“practical”and“cost-based”buying decisions,even if it means passing on their favorite brands and products.For marketers,understanding how customers modify their spending and shopping behaviors during economic instabil
5、ity is paramount to developing a marketing strategy that keeps their loyal customers engaged and,more importantly,providing them with options that fit their budget.In this issue of the Retail Lean:Volume 2,we spotlight key visitation trends that reveal which audiences are likely to be spending durin
6、g the Back-to-School(BTS)shopping season and how consumers modify their spending and shopping behaviors.Also,we look at the retail sectors and brands that have been able to grow their share of visitation despite the decrease in consumer spending.The Impact on MarketersAlthough there are several ongo
7、ing economic challenges impacting consumer spending,back-to-school shopping is predicted to be up 7.5%from July 14 through September 5,compared to last year when sales rose 11%during the same period.These modest gains are generating some positive increases for several brands.Retail categories such a
8、s party supplies,apparel,and health&beauty saw substantial visitation gains between May and July.But as we all know,shoppers are being much more frugal with their spending this year as they focus on getting more bang for their buck.So it may not be surprising that discount brands are also experienci
9、ng an uptick in foot traffic and sales.Stores like Burlington,TJMaxx,and Ross Stores,which are listed third,fifth,and sixth,respec-tively,in NRFs annual Top 25 ranking,have seen positive growth recently.1 The Lean:Retail Insights Brief-Vol.2|August 2022|3Retail insights34Consumers plan to shop more
10、in-store,encouraging retailers to open more storesDue to rising costs,cautious shoppers are modifying their spending and shop-ping behaviorsCertain retail sectors and brands are faring better than others during an uncertain economic climate12Sales and foot traffic are up for many retail categoriesTh
11、e Lean:Retail Insights Brief-Vol.2|August 2022|4Sales and foot traffic are up for many retail categoriesCHANGE IN FOOT TRAFFICJuly vs.May/June 2022Luxury,apparel,beauty,crafts,footwear,off-price and kids sectors see foot traffic increases in JulyGrocery store visits decrease due to season-ality and
12、more people opting to dine out while the weather is niceAs the housing marketing settles down,there is less need for home improvement purchases2.7%2.5%2.2%1.6%1.3%1.0%1.0%-1.7%-2.0%-3.0%-5.2%-5.7%-6.1%-6.3%LuxuryApparel&AccessoriesBeautyCraftsFootwearOff-PriceKidsBig-BoxOfficeGroceryMallsFurniture/M
13、attressesElectronicsHome ImprovementLuxury retailers see a steady uptick during key summer gifting holidays and occasions,such as Mothers/Fathers Day and Graduation seasonBack-to-school shopping is now in full swing at a variety of retailersThe Lean:Retail Insights Brief-Vol.2|August 2022|5Consumers
14、 are modifying their spendingMorning QSR Goers+76%In-Market for Auto+63%In-Market for Furniture+60%Movie GoersDIYers+58%+56%Pizza Lovers+56%Pet LoversCoffee LoversDepartment Store ShoppersConvenience Store Shoppers+45%+34%+34%+28%TOP BACK-TO-SCHOOL(BTS)SHOPPER AUDIENCES%LIKELINESS TO BE BTS SHOPPER
15、THAN AVERAGEBack-to-school shoppers are 76%more likely to be Morning QSR GoersReach summer shoppers at their other points of interest2 NRFShoppers are prioritizing essentials such as food,energy and back-to-school itemsThere is expected to be an increase in back to school shopping as children head b
16、ack to physical schools,some for the first time since before the pandemic2The Lean:Retail Insights Brief-Vol.2|August 2022|6+44%+33%Nike +33%Justice +9%Lululemon +9%Sephora +8%ZARA +7%+17%+12%+10%+9%+9%+9%+8%+8%+7%TOP TRENDING RETAIL BRANDS IN JULY(VS.MAY/JUNE)%Change in Foot TrafficSummertime natur
17、ally leads to more parties and events.Weve seen an increase of up to 45%in foot traffic to party supply stores such as Party CitySome favorite back-to-school brands this year:Top brands staying hot this summerThe Lean:Retail Insights Brief-Vol.2|August 2022|7Consumers plan to shop more in-store,enco
18、uraging retailers to open more storesRetailers announce seven times as many store openings as closings this yearof people say they plan to shop in physical stores more in 2022 than last year3Retailers announce seven times as many store openings as closings in the first quarter of 2022485%7XClosings
19、are concentrated in footwear and apparelOpenings remain concentrated in discount/dollar and off-price sectorsApparel retailers accounted for 33%of closuresDiscount chains represented 45%of total opening announcemnts3ChaseDesign Q1 Shopper Sentiment Survey 4NRFThe Lean:Retail Insights Brief-Vol.2|Aug
20、ust 2022|8Due to rising costs,cautious shoppers are adjusting their shopping patternsShoppers are in and out of stores more quickly to avoid over-buying.Shoppers are also purchasing more store brands and sale itemsWHAT HAVE U.S.ADULTS FOUND THEMSELVES DOING MORE THAN USUAL WHEN GROCERY SHOPPING RECE
21、NTLY?5%of respondents,week of May 29,2022AVERAGE TIME SPENT IN RETAIL STORESby month,2022Shoppers are spending an average of 4 less minutes in stores,a 14%decrease from May26%25%29%42%51%Looking for items on saleUsing couponsShopping at discount grocery storesNone of theseBuying store brand(versus n
22、ame brand)items5 eMarketer28 minutes26 minutes24 minutesMAYJUNEJULYThe Lean:Retail Insights Brief-Vol.2|August 2022|9Looking Forward“Deal shoppers”are not exclusively limited to shopping at discount brands they buy everywhere.Let your KPI be your guide.With so much competition for share of wallet,ma
23、rketers need to increase engagement with key shopper segments that can help drive revenue.Neighborhood location-based targeting technology allows marketers to target unique geographical boundaries based on the combination of visi-tation patterns and audience segments.In a down economy,its important
24、for marketers to clearly define KPIs to avoid wasting marketing dollars on programs that have little to no ROI.To reach the audiences during the right phases of the purchasing journey,marketers need to make sure they match those KPIs with their strategy.For example,if youre looking to expand your re
25、ach through multiple channels,think about blending CTV and other video assets to produce a measurable reach extension advantage with your campaign.Multiple locations with different inventory levels can be frustrating for shoppers.35%of shoppers are willing to substitute a similar brand or product fo
26、r the out-of-stock items on their shopping lists.In-stock marketing technologies can help national and local retailers and CPG brands serve shoppers similar or alternative product options for items that may not be available at specific store locations or redirect shoppers to alternative stores with
27、higher levels of product availability.Make every minute count.With less disposable income,shoppers are in and out of stores more quickly to avoid overspending.This makes reaching customers BEFORE they get to your location more important than ever.Using physical world behav-ioral insights,marketers can strategically engage with new and loyal customers before they shop using visita-tion pattern insights with relevant offers based on their brand preferences.The Lean:Retail Insights Brief-Vol.2|August 2022|10Questions?groundtruthcoCONTACT US