Consumers want more than low prices

Deloitte finds "value for money" now drives spending across all income levels — even the wealthy are choosing brands that deliver more

In its latest report, “The Value-Seeking Consumer: Competitors Could Lose Out to Brands Offering More than Low Prices,” Deloitte reveals a marked shift in consumer behavior: people are no longer just chasing the lowest price, but rather the best value for the price (MVP). Driven by inflationary aftershocks and economic uncertainty, a broad spectrum of Americans—especially high-income earners—are actively seeking brands that offer more perceived value. These MVP brands are growing their share of consumer spending through quality, trust, and service—not just price cuts. This shift presents both a warning and an opportunity for companies that fail to meet rising expectations.

Key takeaways

• Value-seeking is now mainstream: 4 in 10 U.S. consumers exhibit value-seeking behavior, cutting costs and hunting for deals across sectors from travel to grocery.
• Not just low-income: High-income households (earning $200K+) are significantly changing spending habits, cutting 50–60% in discretionary areas like clothing, dining, and entertainment.
• MVP brands win wallet share: Brands seen as delivering “more value for the price” (MVPs) are gaining purchase intent and market share—even when priced higher.
• Price is important, but not enough: 10–40% of perceived brand value comes from non-price factors like quality, friendly service, and trust.
• Cross-generational trend: Value-seeking spans generations—Boomers and Gen X are just as cost-conscious as Millennials and Gen Z.
• Quantifiable revenue impact: A 2% consumer shift to MVP brands in key sectors could yield an extra $1.3 billion annually per grocery chain.
• Brands must recalibrate: To compete, companies must enhance perceived value with reliability, experience, and consistent delivery—not just markdowns.

Get the full report at Deloitte