When it comes to food and drinks, value is becoming more important. We aren’t talking about the monetary value, however. According to one new report consumer values are increasing the value of more grocery purchases.
New details out from Deloitte’s Food Marketing Institute indicate the tastes of Americans are changing because of the values of consumers.
“Today’s consumers have a higher thirst for knowledge than previous generations and they are putting the assessment of that information into their value equation,” said Jim Flannery, senior executive vice president, operations and industry collaboration at GMA. “There is no doubt that the consumer value equation has changed – as taste, price and convenience are now only the foundation with the need to leverage the emerging value drivers. Brands that win with consumers will likely be those that provide the information they seek, well beyond what is on the label.”
Those values, by the way, are crossing both generation and income lines. Researchers found that half (51%) of consumers now weigh ‘evolving factors’ into their food/beverage purchases – those factors include taste and price, of course, but also health/wellness, safety and social impact.
The research also shows:
• 74% of consumers believe the food definitions of ‘will not cause immediate, physical harm’ are not descriptive enough
• 62% believe ingredients labels should include language about foods being ‘free from harmful ingredients’
• 51% believe labels should be both clear and accurate
• 42% believe labels should note artificial ingredients
“Contrary to conventional wisdom, it’s not just the millennials or most affluent putting these evolving drivers in the mix,” said Jack Ringquist, principal, Deloitte Consulting LLP and global consumer products leader. “Our research reveals that the preference for these attributes does not differ by generation, income level or region, but is pervasive across these groups. The U.S. consumer has changed in a fundamental and impactful way, and people’s preferences are becoming even more fragmented than the food industry may have anticipated.”
The study was a joint effort between Deloitte, GMA and FMI.