Consider this: Is your daily newspaper perhaps the ultimate fast-moving consumer good (FMCG)?
There are differing opinions as to whether the printed product falls into the category of an FMCG at all, but let’s look at the basics.
By definition, an FMCG is a non-durable product with a short shelf life and high consumer demand. Newspapers are produced and replaced daily. And they certainly have that high consumer demand, as the product is being purchased by almost three-quarters of the Irish population (according to TGI ROI 2016).
I’d argue the printed newspaper is perhaps one of the fastest-moving consumer goods there is.
From a shopper’s perspective, the newspaper ticks many of the boxes of an FMCG product: frequent purchase, low price, short shelf life, and rapid consumption. In fact, consumption is so rapid a new product exists every single day. That’s a stock turn of 364 days a year (as we are talking about the Irish market, we’ll exclude Christmas day).
Imagine a product that has the power to drive footfall into a store, a high-basket penetration, and the ability to underwrite a strong economic footprint. Fortunately for retailers, the daily and Sunday newspaper does exactly that.
The Newspaper Buyer Survey, conducted by Independent News & Media (INM) and Amarách Research, discovered 94% of newspaper buyers pre-plan the purchase of their newspaper, making newspapers a formidable FMCG that actively drives footfall into a store. The relationship between news titles and the retailer is a powerful one, with the printed product promoting additional in-store purchases.
On average, 72% of newspaper buyers pick up more than their main title in the store, and a typical basket spend equates to €14.36.
Titles within the INM stable are punching above the industry average when it comes to driving additional in-store spending.
Buyers of the Irish Independent, Ireland’s leading quality daily news title, are spending 10% more when entering a store to purchase their newspaper. Buyers of the Sunday World, Ireland’s most widely read tabloid newspaper, spend a considerable 12% above the industry average.
So while you may be undecided as to whether the “newspaper” indeed falls into the category of an FMCG, there is proof to the economic value it provides.
What is undeniable is the printed product that replenishes itself 364 days of the year is a significant driver of footfall and is a key consumer good in driving supplemental spending in store for retailers and grocers alike.