The pandemic-induced economic slump presents as an atypical K-shaped recovery, with many consumers enjoying healthy incomes while others struggle to make ends meet. For consumers across all income levels, spending patterns have shifted as stay-at-home behaviors continue, and they are spending more on food-at-home and spending less on discretionary purchases, such as foodservice, professional services (e.g., spa, medical / dental), travel and entertainment.
This report, “The Premium Opportunity,” is the first in a new series of reports from IRI that help CPG manufacturers and retailers discover pockets of demand to ensure continued growth into 2021 and beyond. Here we highlight how consumers of all income levels look to find joy and elevated experiences with premium CPG products.
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