Value-For-Money - Consumer TrendSights Analysis, 2023

Value-For-Money - Consumer TrendSights Analysis, 2023

Summary

Value-For-Money is one of the 63 sub-trends that GlobalData covers as part of our TrendSights series of Consumer Insight studies. The analysis covers what the trend is, why it is important, who is most influenced by it and how brands and manufacturers can capitalize. The research concludes by identifying where the trend is heading next and how long it will last.

While the desire to be more resourceful with spending is well-established, the concept of “bargain hunting” has evolved as digital technologies, increased competition, and shifting consumer priorities change not only how consumers seek value but also how they define it.

Scope

• In some categories, such as alcoholic beverages or fragrances, an overemphasis on value can serve to stifle the enjoyment-focused nature of consumption or product usage.
• As consumers demonstrate an inclination to switch brands for a better deal, brands should consider loyalty schemes to encourage repeat purchase.
• While consumers are hyper-aware of inflation and its impacts on prices, they are also more vigilant about shrinkflation, a practice that is deemed by many as sneaky on the part of consumer goods manufacturers.

Reasons to Buy

• Consider emerging opportunities and threats in the fast-moving consumer goods market and gain insight into potential future consumer behavior.
• Identify interesting new and emerging concepts, products, and ideas on offer in retail, foodservice, online spaces, and beyond.
• Understand how new concepts and ideas fit into-or challenge-current consumer trends.
• Gain insight and inspiration for innovation programs and new product development.