Ibotta's 2026 State of Spend Report Reveals 62% of Shoppers Now Choose Price Over Brand, Shaping How CPG Brands Drive Trial and Loyalty

Ibotta, Inc. (NYSE:IBTA), the performance marketing platform for promotions, today released its third annual State of Spend report revealing that while consumers feel less direct impact from inflation, they remain firmly focused on value. At the same time, brand loyalty continues to weaken, signaling a fundamental shift in how consumer packaged goods (CPG) brands acquire and retain their customers. Rather than turning to pre-inflation shopping habits, consumers have solidified "defensive" strategies such as store switching and deal-seeking – behaviors that reflect a clear push toward flexibility and price-first decision-making.

Surveying more than 5,000 grocery shoppers, Ibotta's research reveals that fewer consumers are planning their trips in advance, leaving them more open to new products outside of a predetermined grocery list. 68% of shoppers who viewed a new product through a promotion reported that they went on to purchase it. Together, these findings reinforce promotions as an essential tactic for CPG brands to drive incremental sales.

"The findings in our State of Spend report confirm a critical shift: value isn't just a trend, but the center of gravity for the American consumer," said Chris Riedy, chief revenue officer at Ibotta, Inc. "Years of economic volatility have forged a new type of shopper, which represents a massive opportunity for CPGs to redefine how they show up. To win in this new normal, brands can't just be ‘guests' in the retail ecosystem; they must move beyond traditional playbooks and leverage intelligent offers to meet shoppers exactly where they are, whether that's a planned trip or spontaneous deal-driven discovery."

Key findings from Ibotta's 2026 State of Spend research include:

State of Spend: U.S. Grocery Shoppers

• The Rise of the 'Insulated' Consumer: Despite ongoing inflationary pressures, the percentage of consumers negatively impacted by inflation has dropped to 67%, down 3% YoY, indicating that shoppers are becoming less directly affected by price pressures.
  • This insulation is driven by solidified "defensive" behaviors, including a shift to value-focused retailers like Dollar General (+9%) and Walmart (+5%), and a growing deprioritization of brand names with 62% of shoppers agreeing that price is now more important than a brand name.
• Reimagining the Grocery List: Consumers are also beating inflation through strategic flexibility in order to capitalize on in-store sales – the saving tactic with the highest year-over-year increase in use.
  • Nearly one-third (32%) of shoppers surveyed now shop with only a "loose idea" or no plan at all, and pre-trip list-making has dropped to 68% today from 75% in 2023.
• The High Cost of Switching: Data reveals a '74/26' split in the consumer cart: nearly three-quarters of items purchased are repeat buys, while only 26% are new trials. This consistency across multiple years of reporting underscores a rigid preference for the familiar, leaving a narrow window for brands to capture first-time buyers.
  • This is particularly true for high-loyalty categories like Food and Beverage. In Food, 62% of shoppers surveyed require a discount of 25% or more to switch to a new brand. Beverage also has a core segment of high-quality shoppers, 52% will switch for an offer up to 25% off, and a further 24% require a major reward of at least 50%.
• Private Label Surge and Quality Gap: The belief that name brands offer better quality dropped significantly to 38%, down from 44% last year.
  • As a result, 44% of shoppers surveyed are buying more store brands than last year, with 88% planning to maintain or increase private label purchasing in 2026. Trust in private label quality is highest in Food (61%) and Home (60%).
• The 'Better-for-You' Premium Persists: Despite the focus on value, consumers are willing to pay more for products that align with health goals. 51% of food shoppers surveyed and 46% of beverage buyers plan to buy more "better-for-you" products in 2026, even if they cost more.
  • Over 50% of shoppers surveyed in Food, Beverage, and Home feel "justified" in buying premium items if they find a cash back offer.

Riedy will unpack these findings at ADWEEK House: The Big Game 2026 in San Francisco – an experience focused on connection, conversation, and cultural impact. Ibotta will be joined by Mark Kirkham, CMO at PepsiCo, for a fireside chat exploring how brands are navigating advertising strategy and consumer engagement during the biggest cultural moments.

The full report can be found here.

Methodology

Consumer marketing data in this report are as of November 23, 2025. Informing the data in this report is an online survey of 5,048 grocery shoppers in the general US population, representing the population across age, gender, and income conducted by Ibotta during November 13, 2025 – November 23, 2025.

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 $2.6 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.

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Corporate Communications

Hilary O'Byrne, hilary.obyrne@ibotta.com