There’s not a day that’s gone by over the past year where we’ve not heard about the cost of living crisis, or the pressure it is placing on household budgets.
Prices within retailers are spiralling and challenger brands are under immense pressure to both launch and retain their space on the supermarket shelves. Coupled with this, technology is increasingly playing a more active role within the daily lives of consumers, with the likes of AI further accelerating this pace of change.
As a result, we are seeing shoppers continually re-evaluating the purchases they make on auto-pilot versus trialling new products, to either meet new needs or in the pursuit of greater value.
When you bring this scenario into the grocery retail arena, we are witnessing the same shopper behaviours play out. If we add in the retailer’s pursuit of profit, which often results in reduced ranges to increase back-of-store efficiency, it’s clear that life as a consumer goods brand owner is difficult right now.
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Conclusions