The COVID-19 pandemic has changed the way we work, travel, learn, and live. But how has this life-changing event affected our consumption habits?
Inspira Marketing conducted a survey of consumers across the United States—polling them on subjects ranging from brand loyalty and discovery to the growth of online groceries and subscription services.
Below, we take a look at some of the findings from the report and how you can apply those learnings to your food and beverage business venture.
Be Mindful of the Competition– While over 95% of respondents considered themselves to be brand loyal prior to the pandemic, nearly half of respondents said that the past year did cause some impact on their brand loyalty. This means that consumers are open to other brands and willing to change up their spending habits.
Look for a Good Deal– New businesses can be reluctant to explore discounts for fear of cheapening their products. However, consumers are drawn to a good deal amidst financial uncertainty and rising commodity costs. For the 58% of consumers who learn about new brands by seeing them in stores, it isn’t the packaging that is catching their eyes. Rather, in-store coupons/offers and displays make them stop, notice, and consider a new brand.
Share Your Story– Entrepreneurs in the food and beverage space spend a lot of energy and time researching, designing, and creating the perfect packaging. It makes sense. You can’t be at every store to sell your product; your packaging needs to do that for you. Whether through the packaging itself or through other marketing efforts, make sure you’re conveying your story and values. Sixty percent of consumers say that a strong founder’s story or a brand’s support of a cause/mission impacts their purchase decision either somewhat or very much.
Snacks Open the Door– Consumers are more likely to try new snacks (healthy, sweet, salty) than other grocery staples such as meat/poultry and water/sparkling water.
Amazon of Everything – The pandemic introduced us to “social distancing” and limited our interactions with the outside world. Because of this, nearly seven in ten respondents said they shopped for groceries online during the pandemic. Consumers were more likely to get groceries delivered from Amazon Fresh than all other options besides the local grocery store itself. Amazon also leads the way in food and beverage subscription services with their widely used recurring purchases. Check out our blog post on “Should You Sell Your Product on Amazon?” for more information.
Subscribe to Consumer Loyalty– Food and beverage delivery subscriptions appear to have staying power. Of the 18% of respondents who utilized subscriptions, 94% view them as a good value, and 97% plan to continue using them beyond the pandemic.
Conclusion – The pandemic changed our lives, but there’s an opportunity for entrepreneurs in the food and beverage industry to make their mark. Research shows that consumers are drawn to brands that have a positive social mission and want to support underrepresented founders. Here are some of our previous blog posts that will be helpful for products in the food and beverage industry:
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