29 Nov 22 | SGT: 10:15 AM - 29 Nov 22 | SGT: 10:40 AM
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Consumer tolerance for knowing we are trading down to receive low quality as well as low prices has collapsed, with frugal shoppers falling out of love with disposable consumption, rewarding longer lasting and more durable products. Investments in materials, coatings and treatments that increase the service life are visible in food storage, cutlery and glassware. This comes at a time when inflated dishwasher usage due to hybrid work patterns is visibly harming failure rates for homewares.
The hype behind plant-based food is being driven by rapid innovation, with a sharp acceleration of product launches driving consumption through curiosity and the attraction to novelty. Price, taste and texture, along with health and nutrition have been the key challenges affecting plant-based products’ success with consumers over the last few years.
Ozempic and Wegovy, weight loss drugs, have received lots of buzz lately as new challengers to the global obesity epidemic. With abilities to suppress appetite, the food industry is concerned about what this means for sales. Future adoption of these drugs is set to increase, as are sales of broader weight management-claimed food and beverages. And even with many unknowns, our experts believe strong worry about negative, long-term impact should be moderated and brands should take certain actions.
The global economy has continued to show unexpected resilience in the second half of 2023 despite elevated inflation and restrictive monetary policy in most economies. In large part, this has been the result of surprising strength of the US economy, driven by robust consumer spending, low unemployment and high services sector activity.
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