Deloitte’snew2011 Consumer Food
and Product Insight Surveyreveals
that nearly 9 in 10 survey respondents (87.7%) believe prices in food stores
are escalating and almost three-quarters (74%) say the size of some packaged
goods is smaller. Consequently, savvy consumers are purchasing more
private-label and store brand products. More than three-quarters of respondents
(75.3%) purchased lower-priced products and nearly 2 in 5 respondents (39.6%)
added more private label products to their grocery bags.
"Higher
prices, smaller package sizes and pain at the pump are driving consumers to buy
lower-priced grocery items," says Pat Conroy, vice-chairman, Deloitte LLP
and the U.S.
consumer products practice leader. "That's why now more than ever it is
important for consumer products companies to strengthen their customer
relationships and distinguish value ahead of the competition."
Consumers
desire "front-of-package" Nutrition Facts
Nearly
one-half of respondents (49.3%) agree that packaging that displays a row of
standardized icons called "Nutrition Keys" on the front of the
package with standard ingredients listed on the back would be very helpful for
purchasing decisions. Some companies are currently doing this on a voluntary
basis. The survey also found that more than half (51.1%) of food shoppers read
the ingredients on unfamiliar food items.
"The
front-of-package findings, coupled with survey results showing that consumers
are trending towards healthier food purchases, presents a tremendous
opportunity for consumer products companies that are willing to enhance their
nutritional transparency," says Conroy. "Consumer products companies
that use healthy ingredients and are willing to share nutritional information
on the front of the packaging can strengthen their customer base amongst a
growing faction of consumers."
