With budgets stretched and supplies under strain, brands need to be more open and adaptable. Simple price increases, or flexible ingredients lists, can work to cope with supply chain fluctuations if brands are transparent in their communications and clearly demonstrate the benefits they are bringing.
A deep understanding of where consumers are prepared to compromise and where they are not is also key to finding the right strategies and solutions for the short and longer term. One in two consumers globally say cost and value for money have become more important when making food and drink choices.
Innova’s research indicates that in their quest to spend less, consumers are prepared to compromise on some of the trending food and beverage attributes that have previously been considered worth paying more for. Fresh and local trends for example, could be challenged if products promoting these features are not affordable or their added value benefits are not clearly communicated.
Reduce and recycle
With health of the planet continuing to be the top global issue of concern among consumers in 2022, brands should look for ways to help consumers in areas where they are already taking more action to cut spend like reducing food waste and recycling or upcycling.
There are also opportunities in cook from scratch which ranks as the number two action consumers are taking both to eat more healthily and to reduce spend on food and beverage, illustrating the dual benefits it can deliver.
As the cost-of-living crisis continues, how consumers define value will continue to evolve. Brands can achieve success through marketing activities and innovations that deliver economic benefits while also having positive impacts for health and sustainability.
Innova’s annual Top Ten Trends provide essential insight into what is shaping food and beverage markets now and for the future. Catch up with the full ten trends by following this link.