CHICAGO – Budgeting is still top of mind for consumers, but they do have a sunnier outlook on the economy and their personal finances, according to results from IRI’s Q2 2013 MarketPulse survey.

Survey results indicate that consumers have settled into the “new normal” of conservative purchase behaviors and attitudes, so consumer packaged goods (CPG) marketers must keep their finger on the economic pulse and find innovative ways to entice consumers to loosen their purse strings.

“Soon after the recession began, CPG marketers began notching up promotional activity as a means of retaining shoppers and basket size,” said Susan Viamari, editor of Times & Trends for IRI. “It helped for a while, but these programs have been losing their punch during the last 12-18 months. Marketers must re-examine their strategies from start to finish with an eye toward aligning against the ‘new normal,’ where products are aligned against the most pressing needs of its ‘most important consumers,’ everyday pricing provides value yet still supports the bottom line, and promotions are used to address short-term, tactical opportunities.”

Just as economic conditions seem to be settling somewhat, trends are showing the possibility of change once again. This time, the culprit is gas prices. Unfortunately, fluctuating gas prices are also the “new normal,” and if prices continue to increase, it may influence shopping patterns quite strongly. According to the Q2 2013 MarketPulse survey, if gas prices increase by 50 cents, 44% of consumers say they are likely to cut spending on groceries. In addition, 57% will make fewer, larger trips, 52% will switch spending to stores that are closer to home and 30% will switch spending to discount or club stores, even if those stores are a 15-minute to 20-minute drive.

“In general, households dedicate a sizable portion of their income to fueling their vehicles,” said Viamari. “And, with budgets already tight, an increase of 50 cents per gallon will quickly add to the squeeze. Marketers must be on the watch constantly for ripples spurred by rising gas prices, so that they adjust their assortments, pricing strategies and promotional programs quickly and accordingly.”