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Ibotta’s Second Annual State of Spend Report Finds Majority of Consumers Sacrificing Brand Loyalty when Faced with Increased Costs as CPG Marketers Deepen Investment in Digital Promotions

DENVER, Sept. 24, 2024 (GLOBE NEWSWIRE) — Ibotta, Inc. (NYSE: IBTA), the leading technology company providing digital promotions and performance marketing solutions, today released its second annual State of Spend report providing a comprehensive look at spending trends among U.S. consumers and consumer packaged goods (CPG) marketers alike. According to the study, 72% of shoppers say the economy has directly impacted their grocery spending habits, with a majority trading down to lower-priced alternatives in the face of rising grocery costs. In turn, marketers are placing greater emphasis on customer acquisition and long-term brand building to differentiate as private label competition grows.

Ibotta’s findings are based on responses from more than 5,400 survey participants, including grocery shoppers and CPG brand marketers, and underscore the importance of utilizing promotions as an effective tool for creating long-term brand loyalty and value for shoppers – 75% of whom said they would try a different brand if it is offered at a lower price than what they usually buy.

“This year’s State of Spend highlights the ongoing consumer struggle to overcome the compound effects of years of high grocery prices and stagnant shopper budgets, leading to growth in lower-cost private label brands,” said Bryan Leach, founder and CEO of Ibotta. “If shoppers take an exit ramp to a private label product, brands understand that the cost of inaction is steep. As they think strategically about how to win consumers back, digital promotions have proven to be one of the most cost effective and immediate solutions for growing market share.”

Key findings from Ibotta’s 2024 State of Spend research include:

State of Spend: U.S. Grocery Shoppers

State of Spend: CPG Marketers

A comprehensive look at the report can be found here.

Methodology
CPG marketing data in this report are as of August 8, 2024. Informing the data in this report is an online survey of 422 CPG marketers at a CPG company or agency that works with CPG companies conducted by Ibotta during July 24 – August 8, 2024. Consumer marketing data in this report are as of June 23, 2024. Informing the data in this report is an online survey of 5,006 grocery shoppers in the general US population, representing the population across age, gender, and income conducted by Ibotta during June 14 – June 23, 2024.

About Ibotta (“I bought a…”)
Ibotta (NYSE: IBTA) is the leading provider of digital promotions for CPG brands, reaching over 200 million consumers through a network of publishers called the Ibotta Performance Network (IPN). The IPN allows marketers to influence what people buy, and where and how often they shop – all while paying only when their campaigns directly result in a sale. American shoppers have earned over $2 billion through the IPN since 2012. Ibotta is headquartered in Denver, and has been listed as a top place to work by The Denver Post and Inc. Magazine.

Contact
Corporate Communications
Hilary O’Byrne, hilary.obyrne@ibotta.com


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