New research from Mintel has revealed that the number of economy food and drink products launched in the UK last year was higher than the number of premium launches.
It’s the first time that the economy market has outperformed the premium market, with economy variants now accounting for 9% of new food and drink launches, compared to 7% for premium. Back in 2008, just 2% of new launches were of economy products, compared to 9% for premium.
David Jago, director of innovation and insight at Mintel, said, “Much of the activity in the economy segment in 2012 was fuelled by the UK supermarkets improving their value-for-money ranges in response to consumer challenges. As budgets grow ever tighter, consumers are recalibrating their lifestyles and making new product choices, but they carry their middle-class tastes and experiences with them.”
The research also indicated that more than half (55%) of UK consumers only buy certain products or brands when on promotion, while 39% say that promotions allow them to buy foods that they would not be able to otherwise afford.
© 2013 - Checkout Magazine by Stephen Wynne-Jones