Our consumer research, that was carried out prior to the now infamous mini-budget, shows that since March-22, priorities for the next 12 months are shifting, with financial security among the top 3 priorities for all consumers. With inflation driving up food and drink pricing, we are seeing vast majority of consumers adopt tactics to allow them to spend less on their food and drink bills. This spans a range of tactics from looking out for more offers, to cutting back on Out-of-Home occasions.
However, little of this is universal and differences in views and behaviors can be seen across different life stages. In this analysis we have looked at how age differentiates responses to food & drink consumption. With age tied closely to significant financial commitments, such as homeownership and therefore the amount of debt, we understandably see different responses between the young and the old.
What the analysis finds is that the appetite for reducing expenditure is high, but the ways in which consumers are looking to find value vary considerably. As such, our recommendation to manufacturers is to thoroughly review their broader value proposition rather than simply get drawn into price and promotional battle with their competitors. Helping consumers save money can clearly be done in ways other than reducing the shelf price.
To find out more, please get in touch with us at hello@levercliff.co.uk
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