Vericast recently released a report to help CPG brands better understand consumer buying habits amid the pandemic.
“As shoppers have settled into new buying habits, brand loyalty has taken a hit overall,” Aimee Englert, Vericast’s executive director of client strategy, recently told The Food Institute. “Food brands in particular have to fight even harder to win the purchase in today’s inflationary environment.”
Vericast’s 2021 CPG Shopper Report noted that 51% of consumers are less loyal to food brands because of rising prices.
“To capture their attention,” Englert noted, “food brands need to deliver on consumers’ value expectations, which certainly includes savings. But value means more than just a dollar – it also means convenience.”
Based on its research, Vericast feels most consumers have several demands of CPG companies in 2021.
MEET ME AT HOME
Amid the pandemic, CPG shoppers have become increasingly accustomed to home-based treats and rediscovered the joy of bonding with loved ones over a meal at home.
The study noted the following:
- 62% of all respondents now cook at home weekly
- 59% eat meals at home to connect with family and friends
- 56% enjoy cooking at home more
- 32% are dining out less often
GET TO KNOW ME
Now, more than ever, CPG brands hoping to remain competitive need to adapt to each generation’s preferences. Consider:
- 62% of millennials are content cooking at home more (compared with 56% of Gen X and 57% of baby boomers)
- 46% of baby boomers look for coupons and discounts to save money
- 35% of millennials prepare more meals with fresh food (compared with only 29% of Gen Z and 27% of baby boomers)
CATER TO MY CONTEXT
In 2021, shoppers expect companies to listen to what, exactly, they want from different shopping experiences. Among in-store grocery shoppers, for example, 49% want shopping that’s quick and convenient, Vericast noted. Other noteworthy findings among in-store grocery shoppers included:
- 45% want to find their favorite brands
- 38% want coupons and discounts
MAKE IT SPECIAL
Modern consumers also know that if one company doesn’t offer incentives and an abundance of options, others will. That’s why, according to Vericast’s study, 41% of consumers are now less loyal to specific brands.
“Our report found that 81% still shop in store for food products, yet only 9% cut back on their shopping online since the peak reached during the pandemic,” Englert noted. “Catering to this aspect of convenience requires a brand to have a consistent presence in store and online – for example advertising in retailer weekly circulars in print and online formats – to reach shoppers regardless of preference of where to shop.”
Which issue do you feel will impact the food industry the most in 2022?
— The Food Institute (@FoodInstitute) October 25, 2021