There is an intense climate of uncertainty and anxiety in the global market, as consumers face significant challenges in their daily lives, which are expected to change their purchasing behavior in 2024 as well.

Monday, November 6, 2023

According to a recent survey by FMCG Gurus, food companies must be properly ’shielded’, taking into account the rising trends for consumer buying behavior in 2024.
Loyalty towards branded products is decreasing

More specifically, the report reveals that 53% of consumers worldwide are actively trying to reduce their spending on food and beverages. Consumers, due to the impact of inflation on food, are actively trying to reduce their spending in this category, while at the same time, their "loyalty" towards branded products is decreasing more and more.

In addition, the research notes, among other things, that consumers will seek to minimize the "compromises" they have made so far with products of companies that do not give the necessary weight to the reduction of food waste and offers. In particular, brands should respond to these expectations by introducing innovations in their packaging with the aim of extending the shelf life of their products. One of the findings of the FMCG Gurus survey, shows that 8 out of 10 consumers worldwide would trust more a company that uses regenerative farming methods. Consumers are increasingly aware of the impact of climate change on food production chains and recognize that agriculture itself contributes to this issue. They expect all producers, regardless of size, to adopt environmentally friendly practices. This trend extends not only to large multinational companies, but also to small-scale and local producers. Of course, FMCG Gurus underlines that consumption habits are not driven solely by altruism. Therefore, food and beverage companies should promote the value of environmental products by highlighting the additional benefits for the consumer.
More intense monitoring of the ingredients contained in food and drinks

Remarkably, the fact that 57% of consumers report that they have tried to significantly improve their mental well-being in the last year, according to the survey. As a result, a large number of consumers are actively looking for ways to improve their mood and enhance their mental well-being. Consumers are reevaluating their eating habits, prioritizing healthier eating patterns. Indeed, 59% of consumers globally say they have become more careful about monitoring the ingredients in food and drinks in the last year.

Source: Food Reporter #1057/2023-11-03