New Focus for Campbell Soup
At its annual shareholder meeting, Campbell Soup announced plans to focus its namesake brand just on Gen X consumers while counting on Pacific Foods, the organic soup brand it acquired, to attract higher-income and older Millennials.
While Pacific may already be attracting those demographics, Forbes reported that this new detail signals that Campbell’s may have given up the hope that its label will win over the important Millennial segment. Also, Campbell's will position its Goldfish snacks brand as “healthier alternative to other snacks” while investing more in online sales, marketing and innovation.
Everybody Shops at Discount Retailers
Almost all U.S. consumers are value-conscious shoppers who regularly visit discount retailers to find a bargain, says a study conducted by the National Retail Federation (NRF).
The survey of more than 3,000 U.S. adults found that 89 percent said they shop at various types of discount retailers. Of those, 58 percent reported shopping at dollar stores, 50 percent at off-price stores like Ross or T.J. Maxx and discount grocers like Aldi or Lidl, 44 percent at outlet stores and 36 percent at thrift stores.
“Looking for the best price is a habit that cuts across almost every demographic,” NRF Vice President for Research Development and Industry Analysis Mark Mathews said. “Regardless of income or generation, virtually everyone wants a bargain whether it’s for everyday necessities or big-ticket splurges. Even those who can afford to shop elsewhere love finding a ‘steal,’ and it’s a habit that’s here to stay.”
Beat Goes on for Meal Kit Subscriptions
Meal kit subscriptions have increased 67 percent among US consumers over the past 12 months, according to research conducted by research consultancy Magid.
Much of the growth in the meal kit subscriptions market is due to their convenience and their ability to let consumers try something new. As such, 26 percent of consumers expressed an intent to enroll in a new meal kit subscription service in the next 6 months.
The research, conducted in May of 2018 among US consumers, also found that:
- Men make up most of the meal kit subscription market (58 percent), compared to women, who make up 42 percent.
- Meal kit subscribers are overwhelmingly young, as Millennials make up 58 percent of the market, and skew on the lower side of income, as 55 percent of subscribers make less than $100,000 a year.
New Solution Next-Generation Category Management
Label Insight has introduced a best-in-class solution for next-generation category management. Explore Plus for Category Management enables the company’s unique high-order attribute data, images and unmasked information on private brand products to be combined with market measurement tools to deliver insights on specific product attributes that are driving growth. As a result, category managers can identify growth opportunities, discover attribute-driven category insights, and create a strategy focused on category-specific trends.
“Consumer demand for product information has evolved beyond what traditional product attribute data can deliver, requiring category management practitioners to look at product data in a new way,” said Tom McDonald, Team Leader of Best Practices and Chairman of the Advisory Board for the Category Management Association. “High-order attributes provide the ‘why’ to explain consumer purchase decisions. These attributes allow analysts to highlight key opportunities and identify emerging trends.”
Gordon Wade, a leading authority on category management, said, “Addressing consumer transparency requires the ability to identify multiple and specific attributes at the product level, and this granular view of product attributes is necessary to reveal which ones are driving sales. Moving beyond the ‘what’ of category assessment and gaining an understanding of the ‘why’ is critical to developing a plan that maximizes growth opportunities for any category. When analyzed alongside market measurement data, Label Insight’s high-order attributes offer the most informed way to build a category growth strategy.”
The Category Management Association and Label Insight have partnered to launch a new whitepaper by Gordon Wade exploring the practical applications and implications of high-order attribute data on the existing practices and frameworks of category management. The paper will be the subject of an upcoming webinar with the CMA on Nov. 30, 2018.
GS1 US Launches Cross-Industry Blockchain Discussion Group
GS1 US is establishing a cross-industry discussion group to help companies better understand the transformative qualities of blockchain in the supply chain, and to prepare for blockchain implementations using GS1 Standards. The most widely-used supply chain standards in the world, GS1 Standards provide a foundational data structure and systems interoperability to help drive blockchain success.
The initial meeting will be held November 28-29, 2018 in Chicago, Illinois. Members of GS1 US initiatives in retail grocery and other industries will join GS1 US experts to discuss how the distributed ledger technology facilitates decentralized, secure, and efficient data exchange. They will navigate how blockchain supports supply chain imperatives, including product traceability and authentication, which can enable product information transparency. The group will also identify process gaps that GS1 Standards and industry can address, align industries on the role of GS1 Standards in blockchain, and develop “Getting Started” guidance.
Meanwhile, GS1 US is now accepting speaker proposals for GS1 Connect 2019, its annual conference, scheduled for June 19-21 at the Gaylord Rockies in Denver. For more information about GS1 Connect, visit www.gs1connect.org.
Report Reveals Shopper Insights for HBC Categories
A new report analyzes market data and information to pinpoint how traditional retailers should rethink the $64 billion health non-Rx and the $38 billion beauty categories as growing consumer demand for more personalized solutions breathes new life into selected sub-categories.
The Health, Beauty and Wellness Benchmarking Report comes from the Global Market Development Center, a trade association, in partnership with a. T. Kearney, a consultancy. It gives retailers insight into how they can leverage the latest marketplace trends to improve their performance in these key categories that have significant growth potential for brick-and-mortar retailers.
“As the ‘self-care’ movement gains traction with consumers, retailers need to demonstrate an understanding of the individual needs of the shopper,” said Patrick Spear, president and CEO of GMDC. “Innovative merchandising strategies are born from marketing programs that acknowledge the ‘consumer as patient’ along the self-care journey.”