Cost of Living Crisis – Innovative Solutions to the Value Equation

The cost of living crisis & the accompanying narrative & commentary is everywhere at the moment. However, being at the coalface of consumer sentiment it is truly shocking & never fails to hit me just how deep it is biting. Some of the numbers are truly depressing & hit home the situation so many are facing.

At KICR we’ve seen almost half of shoppers say it is “too expensive to eat a healthy diet” and similarly 1 in 2 shoppers saying they were “very likely to visit food banks because I cannot afford all of my groceries”. Let that sink in. In the Worlds 6th biggest economy.

This is mirrored by the Trussel Trust seeing a 50% increase in demand for food parcels in September. In fact with the catastrophic rise we’ve seen in the cost of energy, food, fuel etc. alongside the callous £20 cut to universal credit in October 2021, the Trussell Trust have provided more than 2.1 million parcels between April 2021 and March 2022 alone, a new record!
A record you feel won’t last long unfortunately as we continue to see the cost of living soar.

The Trussel Trust on their own site have a quote from a food bank manager who commented: “The people who come in are telling me they’re scared. People are beside themselves about what the next six months will bring.”
They also mention that 38% of people have said they’d gone a whole day with no food at all or just one meal, in the last month, because they couldn’t afford to buy enough food.

These worries about access to affordable healthy food is why Asda’s #JustEssentials expanded range has been so timely & can play a role in providing accessible & affordable nutrition.
Likewise hats off to Tesco broadening their Rosedene/Suntrail etc. Farm range although I think it is times like these where the traditional umbrella own label Masterbrand drives more impact, visibility & trust over the house of tertiary brands we’ve been seeing recently in own label.

It allows for clearer & more impactful messaging right across store & all categories that allows shoppers easier navigation & signposting for value.

This is where brands can play a role by complimenting their core branded offerings with the own label heartland of produce to inspire & help shoppers with quick, accessible & affordable meals that are filling & healthy.
I’m still young enough to remember when one person on Twitter sent the media into meltdown because this great range was yellow as well. Strange times indeed!

If you’d like to get close to your consumers everyday habits & ever-changing behaviours in these challenging times don’t be shy & give KICR a shout, now more than ever you need to be present & relevant