New research from Mintel has revealed that the volume of economy food and drink products launched in the UK in 2012 was higher than the number of premium launches. This is the first time the economy market has outstripped the premium market in terms of numbers of new product launches.
New product launches featuring economy claims accounted for 9% of total new food and drink launches in 2012 in the UK, compared to 7% of launches featuring premium claims. In contrast, back in 2008, premium accounted for 9% of total food and drink launches compared to 2% of economy.
Uncertainty in the market reflecting some further pressure on consumer disposable incomes has sustained the trend for brands and retailers to push their value credentials. Mintel reports that the UK is the leading country in terms of food and drink new product launches with economy claims globally. The report goes on to say that today, promotional activity has become essential to 55% of British consumers, who only buy certain products or brands when on promotion. And some four in ten say that promotions allow them to buy foods that they would not be able to afford otherwise.
Source: Eileen Bentley, Manager Small Business and Entrepreneurship, Bord Bia-Irish Food Board
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