Cost-of-Living Crisis: Feeding Families
Consumers are facing desperate financial times. With inflation rates soaring and the Ukraine war pushing up prices of commodities and disrupting supply chains, caring for and feeding households has become a major challenge. Brands and retailers must urgently step in and offer more affordable essential products and services, as well as hope, support and empathy.
Consumers are Stretched & Stressed
Consumers Shuffle Food Spend & Evolved Eating Habits
Brands on the Food Frontline
As explored in Budget (Re)valued, economically and emotionally fragile consumers, still reeling from the impact of lockdowns and food scarcity, have adopted more frugal and resourceful spending behaviours. Going forward – as they face disrupted supply chains (causing continued food shortages), escalating inflation rates – and elevated costs of commodities and fuel – this mindset will be compounded.
As explored in Budget (Re)valued, economically and emotionally fragile consumers, still reeling from the impact of lockdowns and food scarcity, have adopted more frugal and resourceful spending behaviours. Going forward – as they face disrupted supply chains (causing continued food shortages), escalating inflation rates – and elevated costs of commodities and fuel – this mindset will be compounded.
Summary
Consumers are Stretched & Stressed | As explored in Budget (Re)valued, economically and emotionally fragile consumers, still reeling from the impact of lockdowns and food scarcity, have adopted more frugal and resourceful spending behaviours. Going forward – as they face disrupted supply chains (causing continued food shortages), escalating inflation rates – and elevated costs of commodities and fuel – this mindset will be compounded. |
Consumers Shuffle Food Spend & Evolved Eating Habits | One-third of Brits are buying less in 2022, with clothing and eating out the most common cost-cutting targets (KPMG, 2022). Grocery shopping is also being trimmed down (or diversified in brand choices). As affordability and value become foremost concerns, a third of consumers with savings are using them to offset costs of living. |
Brands on the Food Frontline | In these difficult times, all FMCG brands must offer consumers more affordable and flexible product lines, especially household and hygiene essentials. Despite the escalating ingredient and energy prices (see Answering the Energy Crisis), supermarkets are endeavouring to keep costs down. Meanwhile, food banks have become increasingly critical to communities. |
Cost-of-Living Crisis: Feeding Families
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