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/725016
MEAN WEEKLY SPENDING ON FOOD FOR SPECIALTY FOOD CONSUMERS OVERALL Cook/prepare at home: $113 From restaurants: $77 MILLENNIALS Cook/prepare at home: $118 From restaurants: $95 GEN XERS Cook/prepare at home: $104 From restaurants: $62 BABY BOOMERS Cook/prepare at home: $109 From restaurants: $56 HOW MUCH DO SPECIALTY FOOD CONSUMERS SPEND? Specialty food consumers spend considerably more on food they prepare at home or eat in restaurants compared to their non–specialty–food consumer counterparts. Non–specialty–food consumers spend a mean of $93 per week on food at home versus $113 for specialty food consumers, and $40 per week to eat in restaurants, nearly half of the $77 spent weekly by specialty food consumers. With younger people representing the core shopper, it stands to reason that they may be earning less than the $100K+ annual salary key demographic of the specialty food consumer. Consumers earning consider- ably less are still making these foods and beverages part of their daily lives. (See box, right.) Specialty food consumers purchase in an average of 7.2 categories. That number hits eight categories among the most affluent consumers earning between $100K and $150K+ annually. However, consumers who earn less still shop in a significant number of catego- ries. Groups on both ends of the income spectrum report they'd like to see more specialty foods for sale at the stores where they shop. THE LESS AFFLUENT SPECIALTY FOOD CONSUMER: KEY OPPORTUNITIES Certain categories are a draw to less affluent shoppers, who will spend on specialty foods for snacking or to enjoy as treats. Chocolate, cakes, salty snacks, and cheese are just some categories where these shoppers spend their most dollars. Other products like pasta or pizza sauces or cooking sauces and marinades do well as they offer conve- nience in meal preparation. Retailers can draw in these groups by featuring snacks, treats, and convenience items and cross merchandising them with related foods and beverages for further purchase potential. Focus on Snacking, Indulgence and Convenience Attend our webinar Today's Specialty Food Consumer Tuesday, Oct. 4, 1-2 p.m. EDT Written by Denise Purcell, editor of Specialty Food Magazine; research led by Ian Au, brand specialist for the Specialty Food Association. THE LESS AFFLUENT SPECIALTY FOOD CONSUMER • Uses specialty foods for everything from treats to everyday snacking. • Purchase drivers: New experiences; the desire to eat more healthfully; impulse; convenience; interesting packaging; and recommendations from friends. • Consumers earning under $25K - $74.9K annually: Buy in an average of 6.5 categories What they buy: Cheese; ice cream; chocolate; coffee; oils and vinegars; cookies, brownies, cakes, and pies; pasta and pizza sauces; pasta; tea; meat, poultry, and seafood. • Consumers earning $75K - $99.9K annually: Buy in an average of 7.9 categories What they buy: oils and vinegars; cookies, brownies, cakes, and pies; pasta; non-alcoholic beverages; meat, poultry, and seafood; salty snacks; cereal; salsas and dips; frozen or chilled meals; cooking sauces and marinades; grains, beans, and rice. C8 TODAY'S SPECIALTY FOOD CONSUMER 2016