An Ipsos survey for RBC has concluded that Canadians are becoming more frugal when it comes to buying food. 84% of those surveyed believe food prices are increasing and 91% are tightening their food budget.
Price increases are more worrisome due to a lack of faith in economic improvement in Canada, according to the RBC CCO national overall index. Only 60% of Canadians surveyed think the Canadian economy is in good shape. 30% believe the economy will worsen in the next year. RBC Economics, however, predicts the Canadian economy will actually grow by 1.8 per cent in 2013.
In an effort to offset food expenses:
- 41% of Canadian shoppers are sticking to their budget more strictly and doing less impulse buying
- 43% of Canadians have cut other expenses (15% use their vehicle less)
- 57% comparison shop more often
I don’t believe any economic situation means businesses have to brace for impact, but it does mean they have to be positioned to adapt. If you are constantly strategizing and implementing creative ideas, you’ll be able to steer around the bumps in the road and arrive at your bank relatively unscathed.
For example, a frugal frame of mind presents a number of online business possibilities. How you can benefit depends on your position in the market, if you’re web-based or offline with a web presence, or if you’re in the grocery sector at all.
Attracting budget-conscious grocery shoppers may include:
- Offering truly valuable coupons for your food products.
- Making sure your coupon policy beats the competition with options like combining offers. For instance, if any grocery store in Canada allowed as many coupon bonuses as US stores, they would snag a huge corner of the market because nobody else is doing it.
- Offer bulk food at seriously reduced prices.
- Hold contests with grocery gift card prizes.
- Start a Canadian coupon page or website.
- Sign up with affiliate programs that provide grocery discounts of any kind to Canadians.
- Provide content on your website that is related to saving money on food and other necessities in Canada.
- Consider developing an app. A recent eMarketer report stated, “About three in 10 internet users in Canada say they would be interested in using apps that help them shop for food more effectively, by providing the nutritional and dietary information they care about. Among younger adults, the proportion rises to nearly half.” App’s can also be used to push coupons to the users or real-time deals while they’re in the store.
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