Specialty Food Magazine is the leading publication for retailers, manufacturers and foodservice professionals in the specialty food trade. It provides news, trends and business-building insights that help readers keep their businesses competitive.
Issue link: https://www.e-digitaleditions.com/i/567722
KEY OPPORTUNITIES C6 ❘ TODAY'S SPECIALTY FOOD CONSUMER WHAT SPECIALTY FOOD CONSUMERS SPEND —AND SPEND ON • Specialty snacks, treats, and ingredients appeal to consumers in many income brackets, opening new marketing opportunities. • In addition to millennials, gen Xers will spend on products that make an ethical or special-interest claim. • Further data shows that hunger relief ranks first as a cause specialty food consumers would endorse through their food purchases. Specialty food consumers spend about one-third of all food dollars on specialty food and drinks, the highest number in the past three years. Three-quarters of specialty food consumers have gone grocery shopping in the past month, with an average of six visits during that time period, buying specialty foods or ingredients just over half the time. While research data often focuses on the core specialty food consumer as affluent, earning $75,000 or more per year, those earning less are also very engaged in this market. Those with incomes of $25,000 to $74,999 buy specialty foods from more segments than more affluent groups, and buy specialty foods to treat themselves as well as for everyday use. The least affluent groups, in fact, are the most likely to buy specialty ingredients for cooking at home versus spending money in restaurants. SPECIALTY FOOD PURCHASES & WEALTH ASPIRATIONAL VS. ACTUAL Despite the rise in non-GMO claims on products over the past few years, and increasing interest in the issue, share of dollars has held steady since 2013 at 26 percent among specialty food consumers. Non-GMO purchases are slightly less likely among millennials versus gen Xers. NON-GMO CONCERN VS. SHARE OF SPEND ASPIRATIONAL VS. ACTUAL share of dollars NON GMO 26 % TO $ 25,000 $ 74,999 Specialty food consumers spend 32 percent of their food dollars on specialty foods and beverages. 32 % In 2015, specialty food consumers spent a mean of $113 per week on food cooked at home and a mean of $80 per week in restaurants. These numbers have increased significantly from more conservative growth in the previous three years. $ 113 $ 80 Restaurant Specialty food consumers spend the most—about one in three dollars—on foods that carry an all-natural or organic claim. This share of spend has gradually risen over the past three years. Share of spend on ethical or special-interest foods is generally higher among millennials, but gen X also rates high. That is likely because they report reading nutrition labels to a greater extent than millennials do. SPECIAL-INTEREST FOODS SPEND ON ETHICAL OR ALL NATURAL