Health to remain stronger influence than price despite financial crisis, analysts predict
Consumers are set to be more influenced by their personal health than the cost-effective options when buying food in 2023, analysts forecast.
Shopping is however still forecast to remain very price-centric for consumers due to stricter budgets and food inflation, according to research presented at a GlobalData webinar entitled ‘Top Trends in Food 2023’.
Since the latter half of 2020, the GlobalData-dubbed ‘Health & Wellness mega-trend’ has remained the most influential trend shaping food shopping, ahead of ‘Easy & Affordable’ and ‘Comfort & Uncertainty’.
“In the second half of that year , it went from being the third most important influence of consumer purchasing decisions, right up to first and it’s remained there, right up until the last quarter that we have data for. I think that’s really, really significant,” said Katie Page, content director for consumer, foodservice and packaging practices at GlobalData.
“That’s inevitably been driven partly by the pandemic, as you might expect, but even in the face of the financial crisis that we’re starting to be exposed to right now, it still retains that top spot against the mega-trends of ‘easy and affordable’ which as you’ll see with the brown line, comes in second.”