Redefined Consumer Values

Consumers have been tested in many ways over the past year, resulting in changed behaviour, intentions and priorities that are rapidly becoming habits and motivators.

HOMEBODY LIFESTYLE: 58% of Canadians are spending more time at home and are going out less often.

Takeaway Expect consumers to cook and entertain more at home until income gains recover. Brands and retailers can play an important role in providing inspiring meal solutions and entertaining options.

STRESS MANAGEMENT: 36% of Canadians are generally more stressed than ever before.

Takeaway Marketers can play a role in bringing more joy and mini luxuries into daily lives to help manage stress.

WASTE AVOIDANCE:

54% of shoppers only buy what they’ll use to avoid waste.

46% are eating leftovers more often.

Takeaway Consumers are focused on sustainability of the wallet. We can expect this to continue to put pressure on volume sales in 2024 and for consumers to scrutinize their needs and maximize their purchases.

PREVENTIVE HEALTH: 36% of consumers take proactive measures to look after their health to prevent future issues.

Takeaway COVID-19 has put health and wellness under the spotlight at a time when the need for overall wellness was already growing. This trend is not only fueled by an aging population but also the need to improve quality of life.

PLANNED BUDGETING:

54% plan their shopping in advance to help manage their spending.

49% of shoppers always compare prices between brands before choosing what to buy.

Takeaway Stay engaged with consumers through communications, promotions, and strategic pricing strategies to remain relevant and top of mind.

CONVENIENCE SEEKING:

26% of shoppers are increasing their buying of easier-to-prepare and/or convenient meal items.

9% of Canadians are eating more from quick-service dining establishments.

Takeaway There is an opportunity for retailers to offer expanded quick-meal solutions. Brands can capitalize on the shifting meal occasion by serving up easy and quick recipe ideas for the on-the-go lifestyle.