Rich’s Insights for Growth® newsletter exists to bring true insights directly to you: to grow your business by fueling your imagination and impact. With Rich’s, the possibilities are endless. This newsletter will deepen engagement and present ways to win and retain different demographics that include a younger generation with a new mindset.
With recent price increases, the majority of consumers agree that food costs are too high, but they differ on what to do about it with 49% of millennials making cutbacks due to food costs vs only 34% of boomers.
Circana Monthly Primary Shopper Surveys, through June 2024
Shopper makeup is changing. Multi-culturalism is making a real impact on spending with Multi-Ethnic Households (where primary shopper for Household is identified as multiple ethnicities &/or races) increasing buyers and Bilingual or English-speaking Hispanic Households increasing $ per Buyer in the past 2 years.
Source: Integrated Fresh Scan Panel, latest 52 weeks ending 6/16/24
These occasions have distinct characteristics. Compared to occasions overall, special occasions are more likely to include guests, source from a restaurant, occur on weekends, and be a dinner occasion.
In and away from home; weekends = Friday dinner through Sunday Source: Circana, National Eating Trends®, YE March 2023
When special occasions occur at home, consumers are more likely to have foods and beverages such as cake, pie or tarts, and ice cream, compared to typical in-home occasions.
In and away from home; weekends = Friday dinner through Sunday Source: Circana, National Eating Trends®, YE March 2023
Source: FMI Fresh Forward Conference, August 2024
Feed younger generations desire to try new foods and experiences. Tap digital communities to keep fresh top-of-mind.
The most educated generation – and the world is at their fingertips. Digital & Social Media influences both their online & offline choice.
Consumers are looking for restaurant quality without the hassle of restaurant prices, labor shortages, and the overall diminished restaurant experience. Continuing rise in popular in-restaurant options now becoming available in other avenues.. Brands are more willing to package their offerings to create additional touchpoints with consumers.
Nearly half of consumers look at TikTok for pre-purchase research with viral videos from this platform fueling sales throughout the year. But what engages on TikTok is often dissimilar to traditional advertising methods.. With 64% of consumers making a purchase because of seeing it on social media, its crucial to engage with consumers on the largest platforms.
Source: Circana Primary Shopper Survey, Q4 2023
They are more diverse and expect diversity – they want to feel connected and reflected.
Need to position as not a “we need to fix this” but as a “we need to work within this reality.”
Different than generations before, they are more likely to seek out information from variety of sources vs just doctors/authorities.
We’re thrilled to unveil our newly refreshed Rich’s Academy Future of Fresh Bakery page! Designed with our customers in mind, the updated format now offers seamless access to powerful insights that can transform everyday bakery experiences, boost occasion-driven sales, and spark incremental growth.
Dive into key highlights like Rich’s proprietary fresh bakery shopper segmentation and insights podcasts. These resources are packed with innovative strategies to enhance shopper engagement, increase purchase frequency, and build lasting loyalty.
Explore our cutting-edge interactive Shopper Segmentation Typing Quiz, a tool crafted to help you not only grasp our fresh bakery shopper segments but also discover your unique perspective and identify potential opportunities. Plus, don’t miss out on our extensive collection of bakery tech courses and training, featuring everything from advanced cake decorating techniques to festive holiday cake design tutorials.
Elevate your bakery game with Rich’s Academy – where fresh ideas meet actionable insights!
