Against today’s backdrop of a global credit crunch and ongoing uncertainty regarding domestic and global economic prospects, it is not surprising that people have started to make changes to their lifestyles in order to manage the financial pressures that they are being faced with in the short term.
Even though people ‘still have to eat’, they have adopted a more cautious approach towards shopping and are increasingly focusing on price and value for money in an attempt to manage household budgets and tighten spending.
However, over the long term it is our view that the four global mega-trends - convenience, health, pleasure and responsibility – will continue to strongly influence consumer attitudes and behaviour.
As these deep-rooted trends are influenced by long-term socio-demographic, economic, environmental and technological factors such as changing family and household structures, an ageing population, migration, female empowerment, rapid urbanisation, 24/7 access to goods and services and a growing interest in ethical issues.
What do these trends mean for Bakkavör?
It means getting the balance right – adopting a flexible approach to meet short- and long-term demand.
Keeping long-term trends in sight
It is important for us to recognise that whilst consumers are under increasing financial pressure they still look for products that satisfy their inherent needs.
We cannot lose sight of the fact that a generation of people has grown up with convenience-led solutions, that people are increasingly more discerning with strong perceptions on quality and there is a global ‘awareness’ agenda focusing not only on personal health but also on the health of the planet.
Providing affordable solutions
It is imperative in this current climate, that in conjunction with customers, we provide consumers with good quality fresh foods at a price they can afford.
Taking rapid action
Our competitive advantage is underpinned by our ability to take action rapidly, making the most of our decentralised structure, just-in-time manufacturing processes, strong customer relationships and efficient NPD (New Product Development) processes.