Value-For-Money – Consumer TrendSights Analysis, 2023
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Exploring the trends and insights from the ‘Value-For-Money Consumer TrendSights’ report will help you:
- Analyze the value-for-money consumer trend and its impact on consumer behavior.
- Understand the core trend drivers and inhibitors impacting the value-for-money consumer trend.
- Assess the opportunities and growth prospects of the key consumer sectors (food, retail, foodservice, personal care, alcoholic drinks, non-alcoholic drinks, and others)
- Learn about the key take-outs and future considerations of the value-for-money consumer trend.
How is the ‘Value-For-Money Consumer TrendSights’ report unique from other reports in the market?
- The report provides details of emerging opportunities and threats in the fast-moving consumer goods market and offers insights into potential future consumer behavior.
- Identify interesting new and emerging concepts, products, and ideas on offer in retail, foodservice, online spaces, and beyond.
- Understand how new concepts and ideas fit into or challenge the current consumer trends.
- Gain insight and inspiration for innovation programs and new product development.
We recommend this valuable source of information to anyone involved in:
- Retailers/White-Label/FMGC – Manufacturers/Distributors/Suppliers
- Strategy, Marketing, and Business Development
- Market Intelligence and Portfolio Managers
- Professional Services – Investment Banks, PE/VC firms
- M&A and Investment Consultants, Management Consultants, and Consulting Firms
To Get a Snapshot of the Value-For-Money Consumer TrendSights Report
Value-for-Money – Consumer TrendSights Report Overview
Economic uncertainties and rising costs of living have made modern consumers conscious of the value of the products that they use. This has resulted in them searching for products and services at lower prices. “Value-for-Money” is one of the trends in GlobalData’s TrendSights framework.
TrendSights: Value-for-Money
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Key Trend Drivers |
• Volatile Economic Conditions
• Digital Shopping Tools • Multidimensional Concept of “Value” • Evolution of Private Labels • Thrill of a Good Bargain |
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Value-for-Money Trendsights - Importance
Volatile economic conditions are resulting in the insecurity of consumers and subsequent pressure on them to save money by adjusting product choices accordingly. In this regard, digital shopping tools are helping shoppers find the best deals. There is a genuine sense of pride and personal satisfaction associated with finding a good deal. The improving quality of private labels has also demonstrated to consumers that they can purchase more products for a lower price.
Key Trend Drivers in the Value-for-Money
The key factors driving the value-for-money trend are volatile economic conditions, digital shopping tools, the multidimensional concept of “value”, the evolution of private labels, and the thrill of a good bargain.
Multidimensional Concept of “Value”: Consumers consider their product choices very carefully and settle on their preferred choices based on certain nuances. Other than lower prices, the “value-for-money” trend also encompasses a more thoughtful assessment of whether the benefits of the products justify the costs.
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Value-for-Money – Innovations by Brands
Since interpretations of value are nuanced, value-oriented brand strategies will necessarily differ by category. In some categories, brands are utilizing packaging more strategically to address inflationary pressures and consumers are increasingly scrutinizing such efforts, particularly when changes to pack size are involved.
Coles, Australia: The grocery retailer supersized 44 household staples in its new Big Pack Value range. This move is designed to help budget-conscious customers with less time to save up to 60% by switching to bigger bulk-size products. The limited-time offer included products such as Bega Peanut Butter Crunchy and Smooth, Milo, and Maggi Noodles.
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Value-for-Money – Future Outlook
In the case of consumers purchasing indulgence-oriented products, value-focused positioning should balance the emotional desire to treat oneself with the rational appeal of saving money. Moreover, as consumers demonstrate an inclination to switch brands for a better deal, brands should consider loyalty schemes to encourage repeat purchases.
Key Highlights
- In some categories such as alcoholic beverages or fragrances, an overemphasis on value can stifle the enjoyment-focused nature of consumption or product usage.
- As consumers demonstrate an inclination to switch brands for a better deal, brands should consider loyalty schemes to encourage repeat purchases.
- While consumers are hyper-aware of inflation and its impacts on prices, they are also more vigilant about shrinkflation, a practice that is deemed by many as sneaky on the part of consumer goods manufacturers.
Table of Contents
Frequently asked questions
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What does the value-for-money trend mean?
The “value-for-money” trend encompasses a lower product cost and a thoughtful assessment of whether the benefits of the products justify the costs.
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What are the key factors driving the value-for-money trend?
The key factors driving the value-for-money trend are volatile economic conditions, digital shopping tools, the multidimensional concept of “value”, the evolution of private labels, and the thrill of a good bargain.
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How is packaging size connected with the value-for-money trend?
In some categories, brands are utilizing packaging strategically to address inflationary pressures and make changes to pack size.
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