- According to a recent blog post by Ryan Leggell, executive director of Nielsen Global Intelligence, the ‘trustworthiness’ of quality products might tip the balance in their favour – outweighing price sensitivities:
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“In recent years, we have witnessed a rising narrative from Nielsen market leaders all over the world pointing to the growing success of local manufacturers and products because of their focus on locally sourced inputs, such as ingredients in food products. We should expect consumers to gravitate even more to locally sourced products where distances travelled, particularly with foodstuffs, are as short as possible, thus minimizing possible exposure to COVID-19.
“Nielsen has also identified (pre-outbreak) that 21% of global consumers were willing to pay a premium for a product that originated from a specific country—Greek olive oil, Swiss chocolate, French wine, etc. Under current circumstances, the case may be even more so.
“As we watch this situation unfold and get a handle on the length of time COVID-19 may be in play, the ability to guarantee the quality and safety of products, environments and consumption, coupled with the recognition of how important this will be to communicate to consumers for the foreseeable future, may help remove some of the potential panic from the consumer environment—and place the industry in a better position to avoid volatility.”
For the full blog post visit nielsen.com/us/en/insights