New research has shown that inflation has directly impacted consumer purchasing decisions for food and beverage, exacerbating pre-existing health and hunger issues.
Innova Market Insights 2023 Trends Survey showed how people worldwide were trying to cope with economic pressures, how this has impacted consumer priorities when shopping and how these trends can be utilised and provide opportunities for FMCG businesses to cater to consumer needs.
The research revealed that globally, one in two respondents said they spent more on food and beverages since the beginning of pandemic lockdowns, with a similar amount adding that their increased outlay was a consequence of inflation.
Almost 70 percent of consumers have said they are actively trying to save money. However, as the impactful price is on consumer purchasing, health remained the number one consumer concern across every income bracket, with the overarching consumer concern and belief being that health should be the primary driver of new product development.
Consumers also revealed how they tried to achieve the food and beverage solutions they sought.
Using data from the 2023 Trends Survey and Innova’s 2022 Lifestyle and Attitudes Survey, Innova’s research found that approximately one-third of respondents wanted to cook from scratch to reduce spending and promote healthy eating habits.
This creates growth opportunities for producers and manufacturers to provide simple, nutritious ingredients that can combine to meet demands around cost and quality.
Brands have begun growing their range of essentials, with the percent share of new product launches, including a ‘budget’ claim rising sharply.
Price is often a significant driver of choice with these items, so reductions here can bring rewards for providers and consumers.
However, the key driver and message to promote were the health benefits and goodness within products.
