The Idea Distilled
In the face of escalating living expenses, Australians are reshaping their perception of ‘premium’ in food selections, and this report reveals the deeply personal nature of these preferences, emphasizing that understanding and aligning with consumers’ core values enables brands to provide value and maintain premium appeal amid economic challenges.
If nothing else, three things to fuel your growth.
Value Beyond Price: Recognize that, despite the emphasis on price, consumers justify the value of their grocery purchases based on their individual perception of ‘premium,’ highlighting the importance of considering factors beyond cost.
Five Dimensions of Premium: Identify and understand the five key dimensions of premium that influence consumers’ trade-offs in food choices, eating experiences, and occasions, providing valuable insights for brands seeking to navigate consumer preferences effectively.
Strategic Focus for Brands: Acknowledge that comprehending these dimensions allows brands to safeguard their premium positioning, emphasizing the need to concentrate efforts on capturing consumers’ hearts and wallets through non-price-related strategies while maintaining perceived value.
Some additional food for thought…
Diverse Dimensions of Premium: Consider the five crucial dimensions shaping perceptions of premium in groceries – Health, Convenience, Taste, Exploration, and Socialisation.
Shopping Behavior Insights: Reflect on the fact that 90% of Australians shop at multiple grocery retailers, while 63% are reducing their frequency of eating out, indicating shifts in consumer behavior and preferences.
Linking Health Premium to Cooking: Recognize the connection between prioritizing health as a premium dimension and a love for cooking and experimenting in the kitchen, underlining the interplay between lifestyle choices and premium preferences.
