Consumers are feeling busier than ever, but at the same time disposable incomes are rising. This means that consumers are able to treat themselves more regularly with nostalgic products, Canadean finds.
According to a global survey conducted by the research company in 2015, six out of 10 respondents find products which remind them of their childhood and simpler times either very appealing or appealing. Due to its indulgent nature, confectionery – a global market worth USD 174,738.55 million in 2014 (approx. EUR 159,900) – is one of the go-to products that help consumers relax and alleviate feelings of stress.
Confectionery manufacturers should capture the attention of these stressed consumers via their ever-growing desire for nostalgia. Joanne Hardman, analyst at Canadean, says: “Consumers can be targeted with limited editions of popular confectionery that remind them of their childhood. This allows brands to charge a premium price for the product, as shoppers are willing to pay more for an exclusive experience and the chance to elicit happy memories.”
Canadean’s global survey shows that 44 per cent of respondents think private label and branded foods and drinks are produced in the same factory, and then simply packaged differently. Hardman says: “Consumers think more highly of private labels, creating a huge competition for customers, as store-own brands expand their portfolios to include more premium products.”
However, not all private label brands will be able to replicate the same level of heritage and emotion that consumer associate with some national brands. Instead, “they should concentrate on more contemporary themes, mixing nostalgia with experimentation to stand out on the shelves,” adds Hardman.
Source: World Bakers