Research shows labels count—as much as price
Lori Colman, Co-CEO and “foodie” wants to know: Are you scared or prepared?
It really is a whole new world out there for companies anywhere along the “food chain” … from the grower all the way to the consumer. As sector expert Chris Chleboun mentioned, consumers are demanding much more accountability from the companies they buy from, and nothing hits closer to home than food.
We just finished another installment of proprietary research on purchase intent by younger shoppers (those 20 – 30 years of age.) When ranking criteria for purchase intent, not surprisingly taste and price ranked a strong number 1 and 2. Actually, 6 months ago, price was not as high of a consideration, but given the downswing in our economy, folks are paying more attention to cost these days.
How did the once almighty Brand Name fare? Not so great … ranking 8 out of a possible 10. And this is consistent not only with our survey from 6 months ago, but with a recent Nielsen study on purchase intent.
So if the true tangibles of taste and price are king, and brand name ranks low, what are people paying attention to? A big factor is the label. Not how great the package looks, but what’s inside. Fat content … shelf life … nutrition information … and ingredients are all impacting purchase behavior in a major way.
People really do care where their food comes from. Next week we’ll talk a bit about a growing consciousness in the impact their food choices have on our planet earth.
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