Nielsen: 85% of global online respondents say rising food prices will impact grocery choices
Eighty-five percent of global consumers in an online survey say rising food prices will impact their choice of grocery products, according to a new study by Nielsen, a leading global provider of information and insights into what consumers watch and buy.
“With the global middle class growing by 70 million each year and food prices expected to more than double within 20 years, fast-moving consumer goods (FMCG) companies in many markets are preparing for an unprecedented period of rising demand, economic pressures and aspirationally-driven buying behavior,” said James Russo, senior vice president, Global Consumer Insights, Nielsen. “FMCG companies focusing solely on consumer income as a barometer of spending habits, however, are unlikely to fulfill their business growth expectations because this is not a middle class only trend. Food inflation impacts all consumer incomes. By looking instead at consumer diversity, spending flexibility and the consumer demand landscape, FMCG companies can better understand real-world buying potential and more accurately scale goods and services to meet the needs of consumers in both developed and developing markets around the world.”