From nearly 100 global and local reports, case studies and insights from experts including McKinsey, Mintel and Nielsen, a report by Davidson Branding highlights seven key drivers of consumer behavior that define successful modern-day fast-moving consumer goods (FMCG) brands. These are the things that actually impact what people buy in store and whether they will repurchase it. Reflecting on both the long-term trends and the short-term impact of COVID-19, this report speaks with the voice of the consumer; their lives and the role food and beverage plays.
The seven consumer drivers are the key to your current and future customers. Every major recent development in the FMCG market can be linked to them, and they will underpin the key trends going forward.
Undoubtedly, price will always matter; but the recent price wars have largely abated, and price is not a USP. The good news is that the seven drivers we have identified are outside of price. The best news is that there are very effective ways in which FMCG brands can use these drivers to stay ahead of their competitors.
While the seven drivers are fundamental to consumers’ relationship with brands, the ways in which shoppers perceive and integrate them is constantly evolving. And Covid-19 has accelerated the pace of change as it’s led to 46% of Australian grocery shoppers committing to new brands. So now is the time to start!
Here’s a snapshot of the seven consumer drivers covered in more detail in the Future of FMCG report:
- You have to fit into my life – ‘cos it’s stressful enough already.
- I’m not like everyone else – so forget mass marketing.
- I am going to be healthy – help me or lose me.
- You need to keep it simple – ‘cos that’s the essence of healthy food.
- I love a lil’ variety – I want to spend my budget on new tastes and ingredients.
- My impact matters – I can eat and make a better world.
- You have to do better – share my values, and you can share my life.