FMCG Gurus – Cost of Living and Price Sensitivity in South Korea – Country Report – 2023
Report Description
This report explores consumer attitudes and behaviors towards the cost of living crisis. The report offers insight into consumers’ personal finances and how confident they feel regarding these during the current climate of financial uncertainty. Our findings explore the changing consumption, shopping and foodservice habits as a result of the cost of living crisis. Our findings reveal actionable recommendations for brands when targeting consumers during this time.
This report will look at the following areas:
- Insights into how confident consumers’ feel regarding their personal finances at a time of financial uncertainty.
- The impact of the cost-of-living crisis on shopping habits and lifestyle changes.
- Insights into the step’s consumers are taking before doing a food and drink shop, for example, preparing a shopping list, setting a budget, cutting out non-essential products and more.
- The proportion of consumers who are concerned about rising costs and insights into consumer attitudes towards their financial savings.
- Consumer perceptions and behaviors around brand loyalty and insights into the types of products consumers have become less brand loyal to when purchasing.
- Consumer attitudes towards whether a food or drink product is good value for money, including the most appealing and influential product attributes.
- The kinds of retailer’s consumers have started visiting.
- Consumer attitudes around the step’s retailers could take to make shopping more affordable.
- The types of products that consumers are looking to reduce spending on.
- The steps consumers are actively taking to save money.
- Notions of comfort and escapism, for instance by seeking out products and flavors which remind consumers of the past and simpler times.
- Consumer concerns regarding the rising costs on multiple areas of health and whether consumers are skipping certain meals due to financial pressures.
- Whether consumers are still reaching for premium products, including the most popular premium products.
- Consumer foodservice habits, revealing consumer behaviors regarding takeaways, restaurants, cafes, as well as the effectiveness of promotional offers from these services.
How this will help -Cost of living and price sensitivity:
- Determine the extent that the current cost-of-living crisis is having on consumer confidence and how it is shaping purchasing habits.
- Learn how to maintain and grow retailer and brand loyalty by developing strategies that align with evolving need states to enhance perceptions of value.
- Understand changing consumption habits within the foodservice channel due to rising costs, and how the retail channel can respond to this.
How this will help -Cost of Living and Price Sensitivity:
- Determine the extent that the current cost-of-living crisis is having on consumer confidence and how it is shaping purchasing habits.
- Learn how to maintain and grow retailer and brand loyalty by developing strategies that align with evolving need states to enhance perceptions of value.
- Understand changing consumption habits within the foodservice channel due to rising costs, and how the retail channel can respond to this.
Files included in this report:
FMCG-Gurus-Cost-of-Living-and-Price-Sensitivity-in-South-Korea-Country-Report-2023.pdf
FMCG-Gurus-Cost-of-Living-and-Price-Sensitivity-in-South-Korea-Country-Report-2023.pptx