1) People are buying in smaller quantities.
Our busy lifestyle keeps many people from eating at home on a
daily basis. Gone are the days of the sit down dinner with the
entire family. When these occasions due occur it's usually a
holiday or a special occasion.
What this means to you: People are looking for smaller sized
packages and are willing to pay a premium. An example is the
3-pack baking potato; quality potatoes in a three pack that can
cost as much as a 3lb bag. Why? People don't use three pounds of
potatoes before they go bad.
2) Time is not on your side.
Consumers are looking for the quick fix. The ready to eat or with
minimal preparation market is booming. People want products that
require little or no work but still taste good. You will notice
the shrinking of the fresh meat counter in favor of the
pre-seasoned, easy to prepare, or ready to eat meats. The
proliferation of products is amazing.
Convenience is mandatory not just an issue.
Banquet, the longtime staple of frozen TV dinners, has introduced
new crock pot frozen meals. Grab-and-go packed carrots and celery
produced by California-based Ready Pac will appear in grocery
stores this summer. Ready Pac is also selling ready-to-go
"bistro" salad bowls - Cobb salad, chicken caesar, blue cheese.
They keep meat and other protein separate from greens. It comes
with a fork and dressing and is ready to tuck into a lunch bag.
Del Monte makes grab-and-go cups of fresh-cut fruit that are sold
in convenience stores.
Important info: The prepared meals market will grow by 16.5% over
the next five years, forecasts research and markets.
What this means: Products need to be simple to prepare or almost
ready with minimal food preparation time. The easier you make
someone's life, the more loyal the will become to your product.
Keep thinking about all the top tier restaurants that are
offering take out service.
3) People are becoming more health conscious and really are
learning more about what they eat.
How many diets have you read about this week? Is the low carb
craze in or out? The low carp craze and the trans fat concern are just two of the recent trends.
What this means: Products that contain unhealthy fats or other
ingredients are being scrutinized. Companies are providing
reduced calories versions in addition to regular product
offerings. People shop for healthier versions of products they
used o buy. Even fast food companies are taking notice with
healthy new product offerings. Watch for continued growth in this category. Pay attention to ingredient panels and special
information tags such as "contains no trans fats" or "only X
carbs."
4) People are looking for products they can access on the run.
When was the last time you or your significant other went to the
store and purchased everything you needed for the entire week?
Make it easy to purchase. Consumers are buying products in
unconventional places like a drive though with take out service;
a convenience store with high caliber products
What this means: Unconventional types of retail outlets, such as
convenience stores, are experiencing strong growth.
5) People are spending money to treat themselves to a little
luxury.
Feeling a little neglected or sorry for yourself? You deserve
something special and you are not alone. Luxury purchases are on
the rise. People are willing to buy expensive treats for
themselves for daily use not just for special occasions.
Important info: Last year the typical luxury consumer spent
$33,188 on average buying luxuries, an increase of 33 percent
over their reported spending in 2003 of $25,010. While spending
in all categories of luxuries rose in 2004, increased spending on luxury automobiles resulted in the greatest boost to overall
luxury spending, according to Unity Marketing's new Luxury
Report, 2005.
End of Part #1
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