Fresh Food - Consumer Spend Analysis

Fresh Food - Consumer Spend Analysis

Summary

Consumer shopping habits evolved during the pandemic and now their spending priorities will need to be reassessed. The economic backdrop of the pandemic means many consumers are now coping with lower income levels or unemployment. Although the number of consumers receiving a lower income due to the COVID-19 pandemic has decreased slightly, the number of consumers who are unemployed due to the pandemic has remained the same for the first half of the year.

A look into consumer spending behavior in the fresh food categories.

Scope

• Fresh food is a daily essential for consumers, making these categories a priority in consumer budgets. Consumers will purchase these products regardless of price; however, their brand preference or frequency might shift.
• As consumers are more price-conscious, they are avoiding certain products and moderating their consumption in some categories.
• Consumers are looking for cost-effectiveness in the fresh food categories, in order to achieve value for money. This means that consumers, especially those on a lower income, are switching to cheaper alternatives.
• The pressures of rising inflation are impacting consumer spends in fresh food categories, especially fish and seafood.
• The level of concern is country-dependent, as some consumers in countries with high inflation rates are reducing their high spend on fresh food, while others are less impacted.

Reasons to Buy

• Understand consumer behavior and company responses in order to tap into what is really impacting the industry.
• Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
• Access valuable strategic take-outs to help direct future decision-making and inform new product development.