The Specialty Food Association’s Winter Fancy Food Show is traditionally the first major industry forum of the year that attracts professionals in a wide range of retail and foodservice businesses. It is a unique opportunity to explore flavor trends and sample new products. Yet 2021 is beginning much differently than normal and this year’s virtual show was very different than the tasting experiences that characterize this business.
The Debut of Conference Beat Plus
Virtual connections have become a hallmark of the new normal for conducting business this past year and are likely to continue for some time. Our Conference Beat reports are evolving with the times so that we can continue to provide you with highlights of unique food business segments and share the latest original consumer research from Y-Pulse®. We hope to give you a glimpse of the developing new normal and a beat on new opportunities for your business.
Connecting with the Specialty Food Consumer
Millennials (ages 26-34) are the core specialty foods customers, followed by Gen Z (ages 18-25). Gen Z is the only demographic group to show an increase in purchasing in 2020 over the previous year, which bodes well for the future of the industry. According the latest research from Y-Pulse®, 59% of 18-34 year old consumers say they enjoy cooking at home with chefs who do demonstration videos.
Conscious Consumption
Pandemic conscious consumers are scrutinizing value more than ever especially when it comes to specialty foods they enjoy. 85% of 18-34 year old consumers are concerned that food workers may not make a living wage according to Y-Pulse® research. These same consumers are very much in tune with the treatment of everyone involved in bringing the food they enjoy to them, and 69% would be willing to pay more for ethically produced meals.
Habits Likely Post Pandemic
Snacking has settled in as a way of life. According to the Specialty Foods Association more than half (53%) of consumers say they are snacking more than ever.
The plant-based movement has momentum and for the most part sales have not been adversely affected by COVID-19.
Although adept with technology and the convenience it has brought to pandemic era life, young consumers still crave human connection. 66% of consumers ages 18-34 said they were looking forward to socializing at the farmers market last summer according to a
Y-Pulse® survey. 44% said they enjoy sharing virtual meals with friends as much as dining out according to the latest Y-Pulse® study.
Implications for Food Marketers
Tasting Experiences – are essential to connecting with customers in the food industry. High tech solutions to sample delivery and engaging on-line connections with experts are capturing the attention of buyers.
Indulgence Takes Many Forms – consumers are weighing in on their food pleasures noting indulgent treats and healthfully delicious fare among their favorites.
Conscious Capitalism – gains momentum with consumers raising their expectations for honesty and authenticity in corporate behavior and employee practices.
Contact info@ypulse.org to learn more about understanding tomorrow’s tastemakers today.
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