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Mike Jozwick, Head of Research Consulting, discusses the consumer shift in value during the recession, focusing on packaged foods. As the recession hit the packaged foods market, consumers traded their values but not their level of consumption. Consumers in the packaged food market are looking at the following values:
• Products that deliver an ethical benefit
• Products that are functional
• Products that are unique
Jozwick discusses the success of Wrigley’s 5 Chewing gum, a product that is priced somewhat higher than its competitors but is doing well because of its unique design. Lays Gourmet Chips and Zicos Coconut Water also share the same success. In other markets, such as beauty and personal care, tiered pricing structures are being introduced so consumers can still have a choice to buy into affordable luxury.
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