Consumers redefine value by seeking brands that ‘listen, understand, and respond to their core values’

The current inflationary environment driving the price of everyday purchases up combined with shoppers’ commitment to their personal well-being and support for the environment has created increased pressure on brands and manufacturers to deliver value while meeting wider consumer expectations.

“Redefining value throughout the food and beverage industry will lead in 2023 as consumers seek brands that listen, understand and respond to their core values. They want brands that provide quality, trust, and confidence via their product formulations, communications, and wider sustainability actions,”​ said Lu Ann Williams, global insights director at Innova Market Insights, in a press release​.

“We have seen considerable consumer demand for value redefined throughout the supply chain, with creative and flexible approaches to the use of technology and reducing waste proving pivotal. With financial concerns a dominating factor, 2023 is a significant year for new developments that answer these growing demands.”

According to Innova’s consumer survey data, in addition to heightened demand for competitive pricing, consumers are still seeking nutritional value and expect a continued shared responsibility for environmental security.

So how can brands respond to consumers’ new sense of value?

Redefining value

Strategies such as price increases and flexible ingredient lists to cope with supply chain fluctuations and increased material costs may work in the short term, but in the long term, brands must stay open in their communications and clearly communicate the benefits they’re delivering to consumers. 

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