Food Forecast: Trends, Tensions and Macro Forces (2 of 3)

Earlier, we shared the first of three [https://www.dhirubhai.net/posts/ipsos-strategy3_food-strategy-trends-activity-6948371432745684992-kxdQ?utm_source=linkedin_share&utm_medium=member_desktop_web] Trend Tensions that our?Ipsos Strategy3?team has been tracking on behalf of our food and beverage clients, which were published in a recent?Ipsos POV.

In this post, we're highlighting our second trend tension...

Trend Tension #2: Meaningful Consumption

Companies can no longer afford to sit on the sidelines of social issues. Case in point? The long list of brands who were celebrated for or pressured to pull out of Russia after its invasion of the Ukraine. And it’s not just political values that consumers care about: everything from product ingredients to the history of the company, the diversity of its workforce, and impact on the environment is under scrutiny.

At a macro level, nearly two thirds of North American consumers said they tend to buy brands that reflect their personal values—a significant increase from 2013 when only half of consumers felt this way [Ipsos Global Trends Survey, graphic below]. And social justice issues have taken center stage: 41% of U.S. consumers are more likely to purchase from a company that has taken a public stand against racism [Ipsos What The Future Study, Fielded April 26th, 2022].

How much does meaningful consumption matter for your brand, in your category? It’s a question that requires a deep understanding of what motivates consumers in your category and the role that brand purpose plays in determining choice. And the reality is that consumers don’t research every purchase for every occasion—imagine trying to do so for every single grocery item on your list! Brands need to know whether and how they should dial up purpose, and then must ensure values and causes are at the forefront of products, packaging and promotion as well as advertising.

Think about...

How much is your brand purpose shining through? Is it a differentiating factor for remaining top of mind in your category? How are your corporate values coming through on each consumer touchpoint?

Share your thoughts in the comments, and stay tuned for part 3!