2023
0
How to Make Your Brand Invaluable in 2023 and 2024
2023-05-11T16:44:05+01:00
MSR23002
2195
163202
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Report
en_GB
In a cost of living crisis, food and drink brands can learn the lessons of history and activate three main levers to survive, and even thrive in the downturn. Jonny…

How to Make Your Brand Invaluable in 2023 and 2024

£ 2,195 (Excl.Tax)

Description

This special report provides 40 pages of evidence-backed, actionable guidance for brands to become invaluable to consumers in 2023 and 2024. Covering the food and drink industry in Europe, our category director Jonny Forsyth dives deep into the latest trends and innovations, and how brands can respond to these effectively. Utilising a wide range of sources, including Mintel’s independent research and databases, this report enables you to steer your business strategy in the right direction.

Below, we summarise the actions companies can take today, and offer a key insight from the report.

Summary: Actions to Take Today

Prove your “value”

As we discuss below in the next section (Key Insight), food and drink brands need to go beyond just providing a competitive price point, and consider the overall benefits and value of their product.

European consumers are currently considering healthy and natural over environmental claims in food and drink, and brands should take action to provide relevant value in response.

Keep innovating, keep communicating

Innovation – rather than renovation – is at an all-time low, but studies suggest this is an important growth driver in a recession.

Cutting communication may be dangerous, albeit less so for larger brands.

This report explains how to effectively continue innovation and communication despite economic challenges, with real-world examples of success.

Deliver affordable aspiration

In spite of the current economic climate, shoppers will continue to seek out small luxuries as a means of alleviating the pressures of financial hardship.

As consumers are spending more time at home, brands have an opportunity to capitalise on this trend by providing cost-effective yet indulgent products that can create a sense of occasion within the home.

Key Insight: Prove Your ‘Value’ as a Brand

The first strategy tackled in this report is to prove your ‘value’ as a brand. Here, value should not be interpreted as price alone. Instead, brands should consider the value they are providing to consumers psychologically, functionally, and economically.

Notably, while the fundamental consumer perception of value in food and drink is quality and taste at the lowest price, the perception of value otherwise changes over time. European consumers are today more often linking their food and drink intake to health outcomes, hence an observed trend of consumers seeing health as a valuable commodity.

Mintel’s data shows that close to half of European consumers see natural ingredients or health benefits as top value indicators in food and drink. Meanwhile, less than a third of consumers currently see positive environmental claims as important. Related to this, product launches may be heading in the wrong direction. Inside this report, we reveal how to make sure your product launch strategy is aligned with real data-backed consumer demands and preferences.

This special report equips you and your business with the knowledge, expertise, and insight to move forward confidently in view of the current challenging market and demanding consumers in food and drink in Europe. Purchase your copy today to better inform and streamline your strategy.

Brands Analysed in This Report

Arla, Lloyd Grossman, Liquid Death, Bimbo’s Cruapán, Starbucks Coffee, Nespresso, Aldi, Lidl, Nestlé Nesquik, Vivera, Barilla, Probios Biologico, Peck Brothers, Hela, Paleobull, Ich Bin Österreich, Senfter, Brave, Nescafé Dolce Gusto, Bisto, Hellmann’s, Quaker, Salvia, Campofrio, Lindt, M&S, Waitrose, 1 de Beste, Noku, Belazu Ingredient Co., and more.

Our Food and Drink Expert’s Comment

This report, written by Jonny Forsyth, our Food and Drink Director and global analyst here at Mintel, delivers commentary and insight into the trends and numbers. He has drawn upon a wide range of internal and external sources to produce this report, and provides his many years of expertise to help you to drive your business growth. Read his comment below.

In a cost of living crisis, food and drink brands can learn the lessons of history and activate three main levers to survive, and even thrive in the downturn.

Jonny Forsyth, Mintel Food and Drink Director, Global Analyst

 

Jonny Forsyth
Mintel Food and Drink Director

Table of Contents

 

  1. Executive Summary: How to Thrive in a Cost of Living Crisis

  2. Which Categories Will Struggle, Survive or Thrive?

  3. The Economic Impact on Consumers

  4. Strategy #1: Prove Your Value

  5. Strategy #2: Keep Innovating, Keep Communicating

  6. Strategy #3: Deliver Affordable Aspiration

  7. Summary of Key Implications

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