Food inflation continues to affect Canadians. Rising food prices have become consumers' top concern, and sadly, 17% of Canadians now rely on Canadian food banks.
This report summarizes Carman Allison's (Nielsen IQ) presentation titled:
"Value vs. Volume: Changing the Conversation"!
Top Findings:
1) 87% of Canadians are worse off due to increased cost of living.
2) 92% of Canadians have changed how they shop in order to manage expenses.
3) The average $100 food basket in 2019, now costs Canadians $122.
4) Consumers continue to shift their wallets to discount banners and private labels.
Growth in a Declining Market - Strategies
1) Promote with Purpose: 38% of promotions do not break even.
2) Maximize Assortment: Conventional retailers are cutting back on variety, yet rationalizing on sales alone may leave category dollars on the table.
3) Innovate to Stay Relevant: Innovation boosts brand's overall growth.
4)Reach Consumers Where They Are: 0% of buyers are exclusive to online