Marketers confronting the back-to-school landscape in the coming weeks might encounter a few ugly truths about demand: according to a recent study from Deloitte, which concentrates on food purchases, consumers are responding to perceived price hikes by cutting down on consumption and turning to lower-cost options like private label brands. But embedded in that study is an interesting nugget: among the responses to budget crunches that consumers could choose from, the least popular response was “purchasing fewer organic products”.
Think about that: consumers, when budget-constrained and given the choice between buying less food and buying food that clashes with their values, chose the former. It’s evidence for our assertion that shared values are among the most important differentiation and loyalty drivers available to brands – aligning your brand with higher-order needs is a great strategy to insulate your products from budget cutbacks.
But what are those values and higher-order needs, and how do they play into household decision-making process? To answer that question, we’re hosting a webinar next week that will dive into the evolving American family and present highlights from brands that have done the best job of engaging the modern family in recent months.