How to Enhance Value in a Recession in 2023
Report Description
This report examines how over the next twelve months consumers will demonstrate a change in their spending habits due to the rising cost of living. The report suggests how brands will need to introduce a range of value-enhancing strategies over the next year rather than the focus being solely on reducing costs. These value-enhancing strategies include helping consumers avoid food waste, fresh meal kits, and products that remind consumers of the past. The report finishes by making key recommendations on how brands should engage in value-enhancing strategies to ensure that value and low cost are differentiated.
This report will look at the following areas:
- Brands need to maximize perceptions of trust.
- Developing packaging strategies could help consumers avoid food waste.
- Products that remind consumers of the past could be of benefit.
- Good value must be emphasized over low cost.
- Perceptions of quality in areas such as frozen and ready meals.
How this will help - How to Enhance Value in a Recession:
- Develop value-enhancing strategies that enhance perceptions of value and create brand identity, based on the type of product/need state being targeted.
- Look for ways to elicit an emotional reaction amongst consumers and reduce price sensitivity by targeting key need states in a recessionary environment.
- Recognize what pitfalls to avoid in a recessionary environment, and how focus should be on value over low cost.
Files included in this report:
FMCG-Gurus-How-to-Enhance-Value-in-a-Recession-Global-Report-2023.pdf
FMCG-Gurus-How-to-Enhance-Value-in-a-Recession-Global-Report-2023.pptx