#161 - How Industry Should Adapt to Changing Approaches to Meals

When it comes to meals, U.S. consumers are having a 2020 moment, believes Darren Seifer, our industry advisor, Consumer Goods & Foodservice Insights. The percentage of meals sourced from retail for home consumption is nearly 87% in 2024, giving us a vibe of at-home behaviors during the pandemic. However, how we’re getting to those meals and what’s on the table is where shifts are occurring. Jonna Parker, team lead for our Fresh Foods Group, says grocery retail might be winning, but it’s not the stock-up of the pandemic times. Instead, it’s just-in-time shopping for specific meals, often with a view to how that meal will be extended to another occasion. Highlights:  With persistent high inflation, consumers routinely try to stretch their food budget, from buying smaller amounts that fulfill a meal or two, to packing a lunch for work or eating what’s on hand to avoid waste. Retailers – and even operators – should embrace their role of curating assortment and making suggestions for meal solutions, especially for Gen Z, who haven’t landed on their weekly routines.  Approaches to meals change dramatically during the week. Easy one-dish meals might be the answer for a weekday, but weekend meals can be complicated, from-scratch affairs.  We have identified 6 billion annual occasions where consumers tell us they table their budget in favor of a celebration. This behavior helps explain positive sales of premium products and even the success of fast casual restaurants, both of which deliver quality and experience.