Help Customers Find Value & Save Money with Beef
With food prices increasing at the fastest pace in 17 years a
nd gas prices soaring, a new study from The NPD Group, a leading market research company, finds consumers looking for value, making trade-offs and counting on leftovers when planning their meals.
The report noted that one-third of adults feel that their financial situation is worse this year than last. Among these “financially concerned” adults, more than half said they are trying to prepare meals at home, to use up leftovers, and to stock up when items are on sale, compared to what they were doing a year ago.
“Despite rising grocery prices, in-home meals still provide a better value to consumers,” said Arnie Schwartz, who heads up The NPD Group’s food and beverage unit. “One estimate shows that an in-home meal costs about a third of a meal purchased away from home.”
Price doesn’t appear to be the only motivation for consumers to eat more meals at home, according to the NPD study. Consumers still say that eating healthy is another reason to prepare their own meals.
“Consumers say that price, health and convenience appear to be the key drivers when it comes to food consumption,” said Schwartz. “Health and convenience are longer-term factors that aren’t dictated by the economy and are consistently top-of-mind with people.”
According to this research, more and more customers will be eating at home instead of in restaurants. How can you maximize this influx of consumers?
- Be sure to offer plenty of "family packs" or "value packs". Large families are the most concerned about rising food prices, but all customers will appreciate more bang for their buck. The concept of a family pack, or of receiving more meat for a slightly lower price, is appealing to all customers.
- Prominently highlight beef sales in your ads. Customers will need to see that the cuts they enjoy preparing and eating at home are still available at a reasonable price.
- Be flexible. If a customer wants a cut that they can't quite afford, show them a "more affordable" cut that would work for the same dish. Alternatives are always appreciated, and your customers will be grateful for your knowledge and help.
- If your store doesn't already have them, get Easy Fresh Cooking® labels for your department. The on-pack label, with a recipe and cooking instructions, empowers your customers to try something that they may be less familiar with.
- Refer your customers to BeefItsWhatsForDinner.com. The Web site is filled with plenty of dinner ideas, recipes and cooking tips.
Source: The NPD Group/FBS Economic Conditions Fast Check Survey, March 2008