Around the globe, 2017’s more volatile economy has taken effect on retail trends. Inflation curbs, increasing wages and Brexit’s globalization movement are some of the major influencers this year, according to the latest edition of “What’s in Store 2018,” produced by International Dairy Deli Bakery Association (IDDBA), Madison, Wis.
Other findings in the book’s “Economy & Retail Trends” chapter include:
- Key issues that could affect U.S. retail operations in 2017, including a macro landscape, healthcare, immigration and the “Have Not Shopper” – emphasizing U.S. income inequality as one of the biggest opportunities and challenges for food retailers.
- Private label in the United States has evolved portfolios to create uniqueness, which establishes a consumer mindset of “high-quality” or “premiumized” products.
- Complete transparency makes for stronger brand loyalty, building a demand for locally-produced products.
- There is a focus on greater personalization of products to fit consumer lifestyles, such as value-added attributes (e.g., fresh, organic), positive benefits (e.g., energy, brain food) and social value (e.g., local, transparent).
“Shopper behavior is playing a direct role in the future of the retail food industry,” says Eric Richard, education coordinator. “From store design and online shopping options to increased sustainability and transparency in the products, retailers are creating an engaging atmosphere—both brick-and-mortar and online—and expanding their product lines to attract and retain today’s sophisticated shoppers.”
What’s in Store is developed through interviews with industry experts and sourcing of third-party data and trends.
