With shoppers easing into a new normal, CPG brands must prepare for consumers faced with financial difficulties, social restrictions, and personal health concerns. Looking ahead in such uncertain times can be a challenge but studying trends in the CPG demand curve and shopper behavior from the most recent historical precedent — the 2008-09 Great Recession— provides one of the best road maps for brands interested in optimizing their strategies during the anticipated economic downturn.
The CPG industry is significantly more resilient to recession than other retail channels. During the past few months, overall CPG demand has increased by 15% to 20% compared with the same period in 2019, according to the IRI CPG Demand Index. CPG’s “essential” status has never been clearer. Nevertheless, data shows that the Great Recession caused clear shifts in CPG consumer shopping behavior, channel preferences, and category demand.
You can read up to 3 premium stories before you subscribe to Magzter GOLD
Log in, if you are already a subscriber
Get unlimited access to thousands of curated premium stories, newspapers and 5,000+ magazines
READ THE ENTIRE ISSUE