At the beginning of 2020 we started an exciting collaboration with Good Sense Research to create a regular Future Food Trend Tracker which sets out to demonstrate the relationship between future trend predictions and customer acceptance, readiness and importantly how that manifests over time. The end product is a report each quarter which shares actionable trends and insights for you and your business.
Throughout the Spring of 2023, cost is having a large impact on consumers, impacting their eating out habits as well as eating in home routines. With price increases top of mind to consumers, they have little confidence with the economy so are adapting new habits to continue thinking in a cost-saving manner. When they are eating out, they are likely to be choosing more meat-based dishes but are compromising on organic and ethical produce. While general interest in cuisines is declining as consumers are focussing more on cost-effective options, Burmese and Malaysian foods are on the rise.
Detailed below are the 5 key insights from the 2023 Q2 report:
1. Little Confidence With Consumers
Consumers continue to lack confidence in the economy.
2. Eating Out
Treat As consumers are eating out less often, when they are they are often choosing more meat-based dishes.
3. Cost Compromise On Organic & Ethical
When consumers are eating out, the importance of organic ingredients and ethical meats has dropped as consumers are more cost conscious.
4. Waste Reducing
Whilst consumers are very conscious about how and what they are spending their money on, they are also trying to make their food go further by reducing the amount of waste.
5. Burmese and Malaysian Interest
Burmese and Malaysian food is on the rise, whilst many cuisines are declining in interest with consumers looking for cost-effective options.
To receive the full report and find out more about Future Food this exciting collaboration between thefoodpeople and Good Sense Research click here.