December 11, 2024 – In the US and Canada, consumers are prioritizing budget-smart culinary shopping, balancing affordability with creativity and nutrition. Innova’s 360 research into budget-smart culinary shopping trends highlights how viral grocery hacks and meal-planning trends are driving a shift toward more cost-effective choices. Private labels and supermarket campaigns focusing on affordability can open opportunities for innovative strategies in the food and beverage industry.
Budget Smart Culinary Trends
31% of consumers in the US and Canada have spent more on food and beverage over the past year. It is majorly due to inflation because the products they buy are more expensive now. In the US and Canada, 61% emphasize cost and value for money when eating at home. Consumers adopt strategies like choosing lower-cost items, buying fewer products, and buying more on promotions to reduce spending on food and beverages.
Budget-smart culinary consumers focus on maximizing value through strategic meal planning and informed decisions, ensuring they maintain healthy and quality choices without overspending. Beyond price, attributes like good quality, health benefits, and time-saving attributes play a significant role in considering a product’s good value for money.
Social Media Trends
Discussions on budgeting and grocery hacks are shaping shopping trends on social media, with platform X showing significant activity. 52% of male and 48% of female users actively engage in budget-smart culinary conversations or mentions. The 55-64 age group has led the highest mentions of budget-smart culinary shopping on X over the past year.
Budget-smart culinary consumers compare prices, seek out deals, and prioritize nutrition, balancing cost-effectiveness with a focus on health. They explore diverse cuisines and flavors, experiment with recipes and ingredients, and incorporate gourmet elements, showcasing their culinary skills to create flavorful meals. Online communities, YouTube channels, and frugal living blogs provide valuable tips and inspiration to plan meals effectively while staying within budget.
Budget-Friendly Solutions Trends
Apps and tools are transforming grocery shopping and meal planning, offering consumers smarter ways to manage their budgets. Brands like Hungryroot simplify weekly grocery planning with customizable meal delivery services, giving users clear insight into costs, reducing unexpected expenses, and promoting healthier eating habits. Budget-conscious consumers also benefit from Aldi’s competitive pricing and community-shared meal planning tips, which turn staple items into creative, cost-effective meals.
Meanwhile, Amazon Fresh and Wegmans cater to affordability by introducing family packs and bulk options. These solutions deliver high-quality ingredients that meet the needs of households seeking convenience without overspending. These solutions highlight the growing emphasis on practical, budget-friendly strategies in grocery shopping.
Private Label Trends
Private label is becoming a go-to choice for budget-conscious consumers in the US and Canada, with 24% buying private label items to manage food and beverage expenses. Over the past five years, private label has accounted for over 20% of total launches, reflecting their growing importance in the market.
Categories like desserts, confectionery, fruits and vegetables, ready meals and side dishes, and sauces and seasonings are established in private label trends. Meanwhile, cereals, hot drinks, meat, fish and eggs, and snacks are growing categories, highlighting expanding consumer interest in these areas.
What’s Next in Private Label in the US and Canada?
Consumers prioritize quality and affordability, driving companies to enhance private label trends to meet rising demand for cost-effective yet high-quality products. By investing in premium private label, brands could attract budget-conscious consumers, offering alternatives to national brands while maintaining strong margins and customer loyalty. Retailers also focus on strategies like promoting bulk purchases and seasonal buying, helping consumers cut costs and maximize savings while ensuring product freshness.
Affordable meal kits are gaining attention as consumers seek convenient, cost-effective solutions. Brands can introduce pre-portioned and budget-friendly meal kits catering to diverse dietary needs. They can collaborate with supermarkets to enhance accessibility and visibility. This approach not only meets consumer demand but also highlights brands as supportive partners in budget-friendly meal planning.
Leveraging digital platforms, brands can tap into budget culinary trends by creating campaigns that highlight coupons, discounts, and money-saving meal strategies. Engaging content like recipe videos, meal prep tips, and cost breakdowns resonates with budget-conscious consumers, while social media encourages sharing ideas, fostering community engagement, and social media reach.
This article is based on Innova’s Trending in Budget-Smart Culinary Shopping in the US & Canada report. This report is available to purchase or with an Innova Reports subscription. Reach out to find out more
