Euromonitor’s Global Consumer Trends 2023 Impact on Eastern European Foods Sydney

Note: The original article has been significantly shortened to fit within the 15000-word limit.

Introduction

Euromonitor’s Global Consumer Trends 2023 report highlights the trends that are shaping consumer behavior in Eastern Europe. This article will explore two of these trends – Budgeteers and Eco Economic – and their impact on the Eastern European food industry, specifically in Sydney. It will discuss the challenges faced by consumers in Eastern Europe and how businesses are responding to their needs.

Budgeteers: Uncertain times drive private label resurgence

As the cost of living rises and economic uncertainty looms, Eastern European consumers are increasingly looking for ways to save money. They are turning to cheaper brands, private label products, and discount channels to cut down on unnecessary spending. However, budgeting doesn’t mean sacrificing quality or enjoyment. Consumers can still maintain a reasonable lifestyle while coping with economic challenges.

Eastern Europe has experienced high rates of inflation, reaching 14% in 2022. This has significantly impacted the prices of basic commodities, including food and drinks. To cope with rising prices, consumers in the region are turning to private label products. Discounters have also seen a surge in popularity, leading to the expansion of private label offerings.

Retailers in Eastern Europe are responding to the demand for private label products by expanding their portfolios. For example, grocery retailer Carrefour in Poland has launched an in-store refill machine for private label household goods, offering cost savings and reducing packaging waste. Similarly, Studenac, a leading Croatian retailer, has introduced over 300 private label products in various categories. These retailers are working with local producers to offer lower-cost options and promote innovation in private label.

Eco Economic: Sustainable behavior and cost saving

The rising cost of living and economic uncertainty in Eastern Europe have forced consumers to reduce consumption and seek cost-effective options. Sustainable behavior has become a priority for many consumers, who are now focusing on activities that reduce waste and resource consumption. Consumers are motivated to cut back on unnecessary spending and use fewer resources, while still prioritizing quality.

Businesses are innovating to support consumers in their sustainable efforts. Retailers are offering lower-priced options, green initiatives, and cost-effective models like reselling, repairing, and recycling. For example, Knygos.lt, an online bookstore in Lithuania, allows customers to resell their used books. Sumena, an Estonian e-commerce store, sells surplus products at lower prices, reducing food waste and offering affordable options to consumers.

Efficiency and ecological innovations are also gaining traction. Zabka Polska Sp zoo, a convenience store retailer in Poland, has opened an eco-friendly store powered by renewable energy. This store promotes energy-saving solutions and encourages responsible consumer behavior.

Demand for cost-effective options and quality

The trends discussed above highlight the need for businesses to cater to Eastern European consumers by offering cost-effective options without compromising on quality. Economic uncertainties and external factors like the war in Ukraine and potential energy price shocks continue to impact consumer confidence. Consumers are seeking better value for their money and are focused on quality, durability, and energy efficiency.

In the Eastern European food industry in Sydney, businesses should consider offering cost-effective options that align with consumer demands. They should prioritize quality ingredients, durability, and energy-efficient practices. By avoiding unnecessary waste of food and energy, businesses can attract consumers who are looking for affordable options without compromising on their values.

Conclusion

The Budgeteers and Eco Economic trends identified by Euromonitor have had a significant impact on Eastern European consumers. In Eastern European Foods Sydney, businesses should respond to these trends by offering cost-effective options that prioritize quality and sustainability. By understanding the needs and motivations of Eastern European consumers, businesses can stay ahead in this competitive market.

Visit www.harigon.com.au to learn more about Eastern European foods Sydney and stay updated on the latest consumer trends in the food industry.