Premium and super-premium food brands have become increasingly popular during the pandemic, according to research from IRI, reports Food Dive. Sales from these categories increased 1.7 percent year over year at retailers during the 26 weeks that ended October 4. Categories that have especially benefited from this growth include alcohol, specialty coffee, meal kits, frozen meals, and spices.
“CPG brands should promote sales of premium and super premium products, even in lower income trading areas,” IRI said in a report. The firm also suggests that food makers should, “Tailor messaging for premium products to millennials.” In addition, IRI noted that low-income households might define special occasions as associated with specific premium products, which presents an opportunity to food makers and retailers. Full Story
Related: Report: Eating at Home Will Decline in 2021; Report: Grocery Sales May Suffer If Vaccine Becomes Available.