bake - Special Report - May 2023 - 37

Moving forward, enticing consumers with
convenience, whether portability, ordering
ease, or speed, appears to be where the demand
currently is in the foodservice industry. "
David Portalatin, Circana food and foodservice industry advisor
(at home) food and beverage sales
were up 9% and reached $931 billion
in the 52 weeks ending December,
and direct consumer foodservice
spending was up 6% with $606
billion in sales. With higher food costs
and a return to many pre-pandemic
routines, consumers have shifted
their eating and spending behaviors.
" One of the behaviors consumers
have historically used to manage
higher food costs is trading down, "
says Loeys. " Consumers gravitate
to larger pack sizes in the grocery
store for a lower price per volume.
They've also traded from premium
to mainstay and value brands to
get as much as possible without
spending more. These behaviors
are a correction from the pandemic
when consumers, flushed with cash,
purchased premium grocery items. "
However, consumers are likely
to get " frugal fatigue " and start
to acclimate to the current pricing
situation, indicating there is no
need to race to the bottom of the
price ladder. While 2022 was about
value pricing to manage budgets,
Portalatin explains that 2023 will
be about the other attributes that
play into value.
" Price will always be important,
but consumers define value differently.
For example, consumers who
visit a restaurant aren't necessarily
looking for the cheapest meal, "
says Portalatin. " They're looking
for the menu items they crave or
Bake Magazine Digital Special Report 2 | Volume 4 | bakemag.com
37
foodservice outlets that offer quality
and variety and enable them to treat
themselves. "
Portalatin and Loeys expect
consumers to manage high food
costs in 2023 with the same behaviors
they used last year, like trading
down, shifting to value retail channels,
or from full service to fast
casual restaurants. They advised the
Summit audience to stay focused on
consumer needs. A one-size-fits-all
approach won't be practical with the
various macroeconomic scenarios
that may play out in 2023. Income,
household composition, lifestyles,
ethnic and generational propensities,
etc., all impact consumer needs
and wants. Targeted approaches in
delivering convenience and value,
innovation, and using digital to alter
consumer interaction with brands
are ways for food manufacturers,
retailers, and foodservice operators
to win in 2023.
The U.S. restaurant industry
continued to recover from pandemic-related
losses in February, with
traffic up by 2% compared to a year
ago, reports Circana. Visits to quick
service restaurants, representing
82% of restaurant industry visits.
JOHN UNREIN
https://www.circana.com/ http://www.bakemag.com

bake - Special Report - May 2023

Table of Contents for the Digital Edition of bake - Special Report - May 2023

bake - Special Report - May 2023 - Intro
bake - Special Report - May 2023 - 1
bake - Special Report - May 2023 - 2
bake - Special Report - May 2023 - 3
bake - Special Report - May 2023 - 4
bake - Special Report - May 2023 - 5
bake - Special Report - May 2023 - 6
bake - Special Report - May 2023 - 7
bake - Special Report - May 2023 - 8
bake - Special Report - May 2023 - 9
bake - Special Report - May 2023 - 10
bake - Special Report - May 2023 - 11
bake - Special Report - May 2023 - 12
bake - Special Report - May 2023 - 13
bake - Special Report - May 2023 - 14
bake - Special Report - May 2023 - 15
bake - Special Report - May 2023 - 16
bake - Special Report - May 2023 - 17
bake - Special Report - May 2023 - 18
bake - Special Report - May 2023 - 19
bake - Special Report - May 2023 - 20
bake - Special Report - May 2023 - 21
bake - Special Report - May 2023 - 22
bake - Special Report - May 2023 - 23
bake - Special Report - May 2023 - 24
bake - Special Report - May 2023 - 25
bake - Special Report - May 2023 - 26
bake - Special Report - May 2023 - 27
bake - Special Report - May 2023 - 28
bake - Special Report - May 2023 - 29
bake - Special Report - May 2023 - 30
bake - Special Report - May 2023 - 31
bake - Special Report - May 2023 - 32
bake - Special Report - May 2023 - 33
bake - Special Report - May 2023 - 34
bake - Special Report - May 2023 - 35
bake - Special Report - May 2023 - 36
bake - Special Report - May 2023 - 37
bake - Special Report - May 2023 - 38
bake - Special Report - May 2023 - 39
bake - Special Report - May 2023 - 40
bake - Special Report - May 2023 - 41
bake - Special Report - May 2023 - 42
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https://digital.bakemag.com/sosland/bake/bake-march-april-2024
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https://digital.bakemag.com/sosland/bake/bake-special-report-may-2023
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https://digital.bakemag.com/sosland/bake/bake-march-april-2023
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https://digital.bakemag.com/sosland/bake/bake-november-december-2021
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https://digital.bakemag.com/sosland/bake/bake-september-october-2021
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