Tom Collins, Insight & Innovation Analyst, Bord Bia – Irish Food Board
The Consumer Lifestyles Trends Programme is a foundation of knowledge that allows the Irish Food and Drinks Industry to better predict and prepare for consumers’ future needs and wants. Last week we looked at the Quest for Health & Wellness trend which is all about taking a balanced approach to health and diet and to maintain control via the choices that we make.
Our fifth trend is Consumers in Control and can be summarized as;
“I like to pursue better value, to help maintain my lifestyle and to get the most from the money I have”
The financial crisis has fundamentally changed attitudes to the marketplace and what represents good value; consumers are smarter and savvier with their money and more willing to shop around than ever before. Budgeting is now the norm for many, who have devised tools to keep their spending in check.
Being a well known brand is no longer enough as consumers look for more proof points of the benefits products claim to offer, whether taste, quality or nutritional value.
People are devising their own solutions to get more for their money: buying and cooking in bulk, opting for loose vegetables rather than pre-packed, substituting cheaper alternatives for regular purchases and finding ingredients that allow variety and creativity in their use.
The sub-trends for Consumers in Control are;
- Redefining Value – Deepening desire for good value beyond the price alone
- Expert Status - Growth in pursuit of knowledge and discernment for identity and status
- Tangible Benefits – Focusing on proof of real tangible benefits and established quality
- Counselled Consumption – The rise of specialist advisors and peer reviews for all consumptions
- Exclusive Choices - There is a growing demand for exclusivity and rarity