The recent recession has significantly impacted consumer behavior in many areas, including shopping, dining and eating choices. Premium food marketers have had to take a hard look at what consumers want and what they’re willing to spend their hard-earned money on.
According to the new Food Flavors and Ingredients Outlook 2010 report by market research publishers, Packaged Facts, consumers are more bargain-conscious than ever.
“The outlook for 2010 is best viewed with guarded optimism. Consumer food and beverage choices will reflect the latest social and demographic trends, while also continuing to show financial restraint when it comes to where consumers shop for food and drink, where they dine, and the item and meal selections they make,” says Packaged Facts Publisher Don Montuori.
Retailers, manufacturers and foodservice operators are expected to continue to appeal to the lingering thriftiness, capitalizing on recession-induced developments.
The surge in popularity of food carts, which several high-end restaurants have used to introduce less expensive versions of existing menu items from their sit-down establishments, is a great example of these developments. These carts increasingly feature gourmet cuisine prepared by chefs with impressive credentials.
Meanwhile, the prevailing barrage of dining deals, dollar and value menus, and a sense that everything is on sale will likely continue at least until unemployment rates decline and the housing market shows significant signs of recovery late in 2010 or into 2011.
As always with marketing premium food, it’s important to keep in mind that the product you are offering should align with what your target customer needs and wants. However, this consideration takes on an even greater level of significance when factors such as the economy weigh heavily on the decision making process.
