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TRENDSREPORT
TRENDSREPORT
MARCH2022
ThreeconsumertrendsimpactingCPGcompaniesin2022
THREECONSUMERTRENDSIMPACTINGCPGCOMPANIESIN20221
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Inmanyways,livinginapandemicthelasttwoyearshasputahyper-focusonconsumers–how,what,whereandwhytheybuy.
The“greatreset”inthelasttwoyearssparkedarecalibrationofourpriorities,valuesandbehaviors,andwithitcamethe“greatrewire,”anaccelerationoftechnologyadoption,aswellasenhancedinnovationandinfinitepossibilities.
Giventheseshifts,howwilltheCPGindustryattractnewconsumersandkeepexistingconsumersengaged?Severaltrendswillimpacthowcompaniesnavigate2022,includingquicklyevolvingconsumerneedsandlastingeffectsfromtheacceleratedshifttodigitaland–consequently-newtacticsforbuildingloyaltyandreimaginingconvenience.
THREECONSUMERTRENDSIMPACTINGCPGCOMPANIESIN20222
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Evolvingconsumerneeds
“Theonlythingcertainisuncertainty.”
Thatholdsespeciallytrueforconsumerneedsandpreferences,makinglifeforanyCPGcompanymorechallengingthanever.The“greatreset”wascoinedbytheWorldEconomicForumtodeclarethatthere’snogoingbacktothewaythingswerepre-pandemic.
Oneofthemostsignificantchangeswasthemassiveandswiftadoptionofdigital.Bythesummerof2020,justafewmonthsafterthestartoftheglobalpandemic,thepercentageofretailhappeningonlinehadacceleratedforward2-3years
.1
Consumerandbusinessadoptionofdigitalandothernewtechnologyprovidedflexibilitythatwefullyembracedinhowwework,play,learnandshop.
Butthere’salsoaconsiderableamountofconfusionanduncertaintyamongconsumersinhowtheyviewtheirowngreatreset.Ourbrainsweren’twiredtohandlesomuchuncertaintyandchange,accordingtoexperts,andsomeconsumersexpressconcernaboutre-enteringsociety.Thegreatresetalsoincludedthegreatresignationaspeoplereexaminedtheircareersandlifegoals.
THREECONSUMERTRENDSIMPACTINGCPGCOMPANIESIN2022
3
THREECONSUMERTRENDSIMPACTINGCPGCOMPANIESIN20224
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Twotrendsearningastarringrolearetheheightenedneedforsafetyandconvenience.Retailershaverespondedaccordingly,findinginnovativewaystogeteverydayproductstoconsumersinlow-touchways.Forexample,bringingagasstationconveniencestoreouttothepump,asCircleKdidintheUSandCanada,soconsumersdon’thavetocomeindoorstobuyasnackordrink.Orstaff-freegrocerystoressuchasSainsbury’sSmartShop,TescoGetGoandAmazonFresh,whicharetrialingintheUK.
TheseshiftingtrendsandevolvingshoppinghabitsmakeitallthatmoreimportantforCPGcompaniestostayclosertotheconsumer.Companieshaveaskedthefollowingquestionsforyears,buttheanswersarenowshiftingandseemlesscertain,whichonlyacceleratestheneedfordataandconsumerinsights.
?Whoisbuyingmyproduct?
?Wherearetheybuyingit?
?Whyaretheybuyingit?
?Whatelsearetheybuying?
?Whereelsearetheyshopping?
?Howmucharetheypaying?
?Howprice-sensitivearethey?
?Whatistheirpathtopurchase?
?Whataremynewcross-sellopportunities?
?Whatnewproductsshouldwelaunchtosatisfychangingconsumerneeds?
?HowshouldIshiftmydistributionstrategy?
?HowdoIbetterpredictdemand?
?HowdoIpredicteconomictrendsandincorporatethemintoourpricingstrategy?
Andthelistgoeson.
CPGsrequireasingleplatformencompassingawealthofdatafrommacrotoitem-level.Thiswillbekeytodeliveringsophisticatedandpredictiveinsights,longitudinalcustomerviews,crossretailercomparisonsandmoresophisticatedshoppersegmentsforoptimizedtargeting.
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Capitalizingonaccelerateddigitization
Theshifttoane-conomyhasbeenaboonforcompaniesabletocapturethedigitalwave.
Forexample,
P&Greported
thatitse-commercesaleswereup35%YoYin2021andnowrepresent$10billioninannualsales(equivalentto14%oftotalsales).
TheacceleratedshifttodigitalprovidesCPGsane-commercescalingopportunityandisakeydriverofthemomentumbehinddirect-to-consumer(DTC)strategies.Also,withmillennialsandGen-Zslookingforashoppingexperiencethatfeelsmorepersonalandconnectedtothebrand,DTCismoreimportantthanever.
ManyCPGcompanieshaveestablished(oracquired)theirownDTCchannelsandbrands,includingPepsiCoandMars.Thischannelprovidesmorerobustconsumerinsights,openingthedoorformorepersonalizedoffersandmessaging,allowingCPGstoforgethosecloserconnectionstoconsumers,whichhasalwaysbeenachallenge.
THREECONSUMERTRENDSIMPACTINGCPGCOMPANIESIN20225
THREECONSUMERTRENDSIMPACTINGCPGCOMPANIESIN20226
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Duringthepandemic,PepsiCointroducedtwonewDTCsites—PantrySandS,whereconsumerscanorderspecializedbundlesofPepsibrandslikeQuaker,GatoradeandSunChips.Inaddition,Ssellsthecompany’sFrito-Layproducts.M&M’s,ownedbyMars,wasrecognizedin2021byForresterforhavingthebest-in-classDTCwebsiteamongCPGcompanies.ConsumerscandesigntheirownM&M’sandordergiftsets.
OnlinemarketplacesalsohaveakeyroletoplayinmanyDTCstrategies.Theirexistingscalemakesthemanextremelyattractivechannel,butofcoursethiscomeswithlesscontrolthananownedDTCchannel.ThetrickforCPGcompaniesisoptimizingtheirstrategiesforeachmarketplace,whichmayhavedifferentwaysofofferingproductstoconsumers,suchaspremiumsearchpositionsorongoingsubscriptionplans.Marketplacesfocusedonaparticularcountryorregionwillalsohavenuancesintheirmarketingandconsumerengagement.
Subscriptionshavealsorocketed.Globally,there’sbeenasignificantriseine-commercesubscriptions,suchaswineclubs,mealkits,petfood,weeklygrocerydeliveryandclothing.Nearly88%ofcountriesacross32marketssawasurgeinsubscriptionservicesin2021comparedtothepreviousyear,accordingtotheMastercardEconomicsInstitute’s“
EconomicOutlook2022
”report.Cloud-basedcomputing,whichallowsforaseamlesspaymentsexperience,hasbeenakeyenablerforthesubscriptioneconomy’sgrowth,resultinginarisingnumberofnewbusinessesandconsumerinterest.
SubscriptionsofferCPGcompaniesanotherwaytoreachconsumerswithuniqueservicesbasedonnicheneedsandpreferences,suchassustainabilityandproductstheycan’tfindinstores.Forexample,laundrysubscriptionboxesthatoffermoresustainableproductsandrefillsthatcutdownonpackaging.Othershaveseensuccesswithsubscriptionsforsnacksfromaroundtheworldoruniquepettoysandfood.
FindinginnovativestrategiestoconnectmoredirectlywithshoppersiskeyforCPGbrandsasconsumersgetmorecomfortablerelyingondigitalchannelsforabroadrangeofneeds.Andtherangeofchannelsavailabletoconnectiscontinuouslyevolving.Forexample,noonewouldhaveguessedfiveyearsagothatmarketingbudgetswouldbeallocatedtoinfluencersandshoppingthroughlivestreams.Aswecontinuetomoveintothefuture,testingtheimpactofthesenewsaleschannelswillbeimportantforCPGcompaniestooptimizemarketingbudgetsandcapitalizeonevolvingshoppingtrends.
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Uptheanteonloyalty
85%
ofadultssaythey’rewilling
totakepersonalactionto
combatenvironmentaland
sustainabilitychallenges
62%
sayit’snowmore
importantthatcompanies
behaveinsustainableand
eco-friendlyways
E-commercegivesconsumerstheabilitytoshoparoundmoreeasily,comparepricesandtrynewproducts.
But,asaresult,loyaltyinthedigitalecosystemiswildlymorechallenging,requiringsellerstoleveragehyper-personalizationwithsophisticatedtoolsandtactics.
Consumersarehitwithdigitalmessagesfrombrandseverysecondoftheday,whetherthey’recheckingemailorscrollingsocialmediafeeds.Butwithoutasenseofconnectiontothatbrandorhighlyrelevantandtimelymessages,thatdigitalcommunicationoftengetsignored.Hyper-personalizationmeanstailoringeveryinteractiontotheconsumers’needsandpreferencesacrossdigitalandnon-digitalchannels.Aloyaltyprogram,suchasNikeMembership,thatgoesbeyondrewardsbyofferingcustomizableproducts,earlyaccesstonewreleases,andaccesstoliveexperiences,encouragescustomerstoseamlesslytransitionbetweendigitalandnon-digitalinteractions.
Hyper-personalizationalsomeansconnectingwithconsumersonsharedvalues.Thegreatresetinspiredmorepurposefulbuying,whereacompany’svaluesplayabiggerroleinwhatconsumerschoosetobuy,evenifitmeanspayingmore.Globally,85%ofadultssaythey’rewilling
THREECONSUMERTRENDSIMPACTINGCPGCOMPANIESIN2022
7
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74%
Saidtheyhaveenrolled
inatleastoneCPG
loyaltyprogram,with
foodandbeverages
rankingthehighest
72%
Saidtheirparticipation
inloyaltyprogramshas
resultedinincremental
CPGpurchases
totakepersonalactiontocombatenvironmentalandsustainabilitychallenges.And62%sayit’snowmoreimportantthatcompaniesbehaveinsustainableandeco-friendlyways.Forexample,P&G’s“It’sOurHome”campaigntriestoreachclimate-consciousconsumerswithadsthatencouragechangestoourdailyroutines,suchasturningoffthewaterwhilebrushingourteeth.
Inadditiontoconnectedvalues,theconsumerappetiteforloyaltyprogramswithrelevantincentiveshasheldsteady.Inasurveyof2,200USconsumersin2021by
Loyalty360andPrizeLogic
,74%saidtheyhaveenrolledinatleastoneCPGloyaltyprogram,withfoodandbeveragesrankingthehighest.Consumerswhojointheprogramsareprimarilydrivenbytheincentivestheyoffer,and72%saidtheirparticipationinloyaltyprogramshasresultedinincrementalCPGpurchases.
Forexample,consumershavebeendrawntoloyaltyprogramslikeAnheuser-Busch’s
MyCoolerRewards
.Consumersaccumulatepointsforproductpurchasesandredeemthemforcertainitems.
RedBull
,knownforitsonlinesportscontent,rewardsitsloyaltyprogrammembersforwatchingandreadingcontent,makingpurchasesandotheractivities.Thosepointscanbeusedforeverythingfromproductdiscountstoexperienceslikefactorytoursanddesigningaracinghelmet.
Consumersaredrivenbyincentivesanduniqueexperiencesthatnaturallytiebacktotheirownvalues.Loyaltyprogramsthatspeaktothoseuniquepreferenceswillwinthemostlong-termcustomers.LoyaltyandengagementsolutionslikeMastercard’sSessionMenablemarketerstobuildengagingloyaltyprogramsandpersonalizedcustomerexperiences.
THREECONSUMERTRENDSIMPACTINGCPGCOMPANIESIN20228
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THREECONSUMERTRENDSIMPACTINGCPGCOMPANIESIN20229
APartingWord
Theseconsumertrendswillcontinuetoevolve,heighteningtheimportanceofhavingtherightinsightstocontinueinnovatinganddevelopingtherightstrategiesforgettingclosertotoday’sevolvingconsumer.Thisisespeciallyimportantasthepandemicwanesandcompetitiononlycontinuestoexpand.
TolearnmoreabouthowMastercardhelpsCPGcompaniesaroundtheworld,reachouttoyourMastercardrepresentativeoroneoftheseexperts.
HYPERLINK"mailto:emilie.kroner%40%0
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