Baking & Snack - May 2020 - 45

Ms. Lyons Wyatt identified three critical factors that
snack producers must consider, just as they did more than
a decade ago. The first is price. IRI data shows that in 2019,
72% of survey respondents - an increase of 4% over two
years - said they look at price before choosing a snack.
Research from Nielsen supports this theory. A survey
from 2019 showed that 75% of US respondents said they believe it's important to always get the best price on a product,
and one-third will prioritize price when it comes to what
they consume over the next five years. And that was before
COVID-19.
The next critical factor, Ms. Lyons Wyatt said, is broad
family appeal. Together with price, this was a major driver
for consumers during the recession. "In 2009, when I talked
to consumers, price along with broad appeal to more people
in the household had 81% of shoppers citing that these were
important considerations when determining the affordability of a product," she explained.
The third is taste, and it can't be ignored either.

We Turn
it into

HOW SNACKS CAN GAIN GLOBALLY
DURING AND AFTER THE PANDEMIC
Overall sales of snacks are expected to
increase in dollars and volume in 2020
because of product stockpiling witnessed
in Asia, North America and Western Europe
during the first quarter, according to
Euromonitor International.
"If the period of self-isolation lasts deep
into Q2 2020 or beyond in American and
European markets, snacks will likely also
benefit from the acceleration of one of
Euromonitor International's top 10 consumer
trends for 2020: Multifunctional Homes,"
said Tom Rees, food and nutrition industry
manager for Euromonitor International.
The Multifunctional Homes trend describes
in-home bars, cafes, home theaters and more.
In essence, consumers are experiencing
eating and drinking environments in the
comfort of their own homes.
Categories like snacks, Mr. Rees said,
will not necessarily suffer under a global
recession.
"As was shown during the 2008 global
financial crisis, affordable treats survive
and can thrive under tough economic
circumstances as people look for small
ways to alleviate the depression of a more
straitened existence," he said.

Discover the
North Dakota Difference
Call 1-800-538-7721 * www.ndmill.com
FSSC 22000 C E R T I F I E D

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