With the economic climate remaining uncertain and Brits continuing to be cautious in their spending, economy lines and products featuring value-related claims have never been in greater demand. Indeed, highlighting just how important economy products have become in the nation’s shopping basket, new research from Mintel reveals that the number of economy food and drink products launched in the UK has outstripped the number of premium launches for the first time in 2012.
Today, new product launches featuring economy claims accounted for 9% of total new food and drink launches in 2012 in the UK, compared to 7% of launches featuring premium claims. In contrast, back in 2008, premium accounted for 9% of total food and drink launches compared to 2% of economy.
This surge in economy lines makes the UK the leading country in terms of food and drink new product launches with economy claims globally, accounting for 21% of global food and drink economy introductions in 2012. What is more, in 2012 the UK even exceeded the US, which accounted for 20% of global economy launches in 2012. Looking at other markets worldwide, Japan ranked third with a 15% share of global economy NPD activity, followed by France, Australia, Spain and Italy (4% respectively).
Indeed, economic challenges are continuing to reshape consumer lifestyles and expectations within and outside the UK. And it seems bargain hunting has become ingrained amongst Britain’s savvy shoppers, with more than seven in ten (72%) consumers saying they like the ‘thrill’ of getting a bargain. The figure peaks among women (77% female consumers vs 66% men) and it is also strong amongst the highest earners (75% of those earning £50,000 or over, vs 70% of those under £9,500 and 78% £9,500-15,499).
For more info visit www.mintel.com