New Zealanders are currently facing significant cost of living pressures, with rising interest rates and high inflation significantly impacting consumer spending. Inflation rates reached 7% in mid-2022 and are expected to remain persistently high into 2023 before easing off.
As cost of living pressures start to have more of an impact heading into the forecast period due to high inflation and rising interest rates, many local households are expected to look for ways to better manage their budgets, with downtrading to private label offering one such solution. Rather than being economy-positioned, both Foodstuffs and Woolworths have invested significantly in their private label portfolios to position their products as mid-priced.
Spicy food lovers were hit with a shock in mid-2022 when it was announced that an unprecedented shortage had begun to impact sriracha sauce, as announced by Huy Fong Foods. This was caused by a number of factors, including an unexpected crop failure from the spring chili harvest.
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Sauces, Dips and Condiments
This is the aggregation of cooking ingredients and condiments, dips, pickled products, sauces, yeast-based spreads, and other sauces, dips and condiments. Excludes: Unpackaged/bulk sauces, dressings and condiments, such as unpackaged herbs and spice or instances where consumers bring an empty contained to be (re)filled. Excludes: Table salt, vinegar, baking ingredients, desiccated coconut, and cooking cream/milk/powder for cooking and baking.See All of Our Definitions
This report originates from Passport, our Sauces, Dips and Condiments research and analysis database.
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