Circana Growth Insights

A Thanksgiving Outlook

Will high food inflation take the stuffing out of Thanksgiving celebrations? Darren Seifer, executive director and industry analyst for food and beverage at NPD (which recently merged with IRI), shares an outlook on potential scenarios for Thanksgiving meals this year. 

Highlights 

• More consumers will shop early for nonperishable items to find the best deals and spread out the cost of the Thanksgiving feast. 
• Shoppers are more cost-conscious than last Thanksgiving given inflation and will look for deals. But they will also remain willing to splurge on the relative value of an important home meal and festive get-together with loved ones. 
• Some cash-strapped consumers will still host but keep costs in check by making smaller portions for fewer leftovers, or even turn the event into a potluck. 
• Restaurants and grocers can play a role in the holiday meal by offering time-saving items like freshly made pies and ready-to-heat sides.  

The Shifting Protein Landscape

Inflation, animal welfare issues and new generational preferences are all affecting the sales of various fresh meat and poultry products. Chris Dubois, executive vice president of IRI’s protein practice, provides insights into surprising winning products, offers a detailed industry outlook, and shares opportunities to connect with younger shoppers. 

HIGHLIGHTS 

• Recent price increases for fresh meat and poultry don’t seem as extreme as other areas of the grocery store, but prices are much higher than a few years ago. 
• Protein producers have been facing supply threats dues to avian flu (poultry) and African swine fever (pork). 
• Millennials have different food preferences than older generations, buying far less veal and more chicken, ground turkey, oat milk and nut butters.   

The Sustainability Growth Opportunity

Sustainability-marketed products are driving outsized growth. They represent just 17% of CPG products but are driving a 32% share of market growth. Featured guest Randi Kronthal-Sacco, Sr. Research Scholar at NYU’s Stern Center for Sustainable Business, talks about IRI-NYU CSB research and shares additional opportunities for sustainable CPG success.

The Customer is Key in Multicultural Marketing

Intersectionality acknowledges our personal experiences, from race and sexual orientation to where we live, our interests and our abilities. Gregory Curtis Jr., director of Emerging Media and Influencer Marketing at IRI, talks about the magic that happens when we put the customer at the center of marketing messages and how that works as the solid base for multicultural marketing success. Learn how to apply Greg’s six key elements in your next campaign.

Private Brands in an Inflationary Period

Consumers haven’t turned to private label as a cost savings measure in our current inflationary period to the degree they did during the Great Recession. IRI’s Mary Ellen Lynch, principal, Center Store Solutions, discusses where the private brand wins are occurring and strategies different retailers employ to connect with shoppers.

Beverage Alcohol Trends and Outlook

Compared to other categories, beverage alcohol has been more insulated from inflationary pressures, so while value options will do well during periods of high inflation, consumers will still seek premium options. Scott Scanlon, executive vice president of IRI’s Beverage Alcohol Vertical, weighs in on headwinds and tailwinds for beverage alcohol and opportunities for growth, including better-for-you, RTD cocktails and the convergence of alcohol and non-alcohol.

The Silver Lining of CPG Inflation

Look no further than the four Ps – price, promotions, positioning, pack architecture – plus innovation to fight back against inflation in the short and long term. Ray Florio, a partner in IRI’s Growth Consulting practice, shares strategies for profitable growth based on what the shopper values most amid current economic challenges.

C-Suite Conversations: Operating in a Purpose-driven Culture

IRI’s Growth Insights C-Suite Conversations feature notable leaders talking about the future of CPG, retail and media. Our newest installment features Mark Smucker, CEO of The J.M. Smucker Co. He is the fifth-generation leader of the Orrville, Ohio-based Fortune 500 company.  

In this exclusive interview, Smucker speaks with IRI CEO (and Smucker board member) Kirk Perry. They discuss the company’s rich family history, Smucker’s teaching experience and how it shapes his leadership approach, and the company’s latest product and brand innovations. Smucker also discusses the marketing transformation that accompanied Jif’s bold shift from “Choosy Moms Choose Jif” to creative featuring rapper Ludacris. He shares his keys to creating an inclusive, diverse organization in a small Midwestern town. And he concludes with a focus on Smucker’s purpose and its hybrid work model that aims to nurture a strong yet flexible company culture. 

Fresh Perspectives with Jonna and Sally: Leverage Fresh to Fight the Split Trip

With inflation increasing, consumers are spending more time finding deals and shopping across multiple stores to get what they want at the best prices. Jonna Parker, principal of IRI’s Fresh Center of Excellence, and Sally Lyons Wyatt, IRI’s EVP and Practice Leader, Client Insights, share strategies to adapt and adopt to the products and solutions shoppers are looking for.

Fresh Perspectives with Jonna and Sally: Inspire Consumers with Their Definition of Value

Inflation is adding complexity to our relationship with fresh foods, but retailers, take note, people don't always run to the lowest-priced option. Sally Lyons Wyatt, IRI's EVP and Practice Leader, Client Insights, and Jonna Parker, principal of IRI's Fresh Center of Excellence, share innovative and effective strategies retailers and CPGs can employ to inspire consumers with real dollars and cents impact.