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Lower income shoppers are the fastest-growing segment of Americans, they make up about 40 percent of the U.S. population, and they outspend the more affluent types, but it’s a group many retailers have all but ignored, according to a new report from IRI Insights.
Lower income shoppers will spend $85.3 billion on consumer packaged goods in 2007, and will generate an additional $84 billion in incremental spending in the next decade, writes MediaPost.
The group covers a wide variety of types in terms of shopping frequency and spending levels. Singles, married couples ages 25-34 and Hispanics are the fastest growing group in terms of spending. African American spending from this group on consumer products is declining.
This group wants convenience, innovations, healthy products and more choices, according to the report, and store brands are not meeting these needs.
“Progressive retailers can drive private-label growth if they focus on building stronger relationships with lower-income shoppers by improving variety and packaging,” says Sean Seitzinger, leader of the IRI Center for Retail Innovation.
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If…
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