Service / Industry: Consumer Products
As the pandemic raged in early 2020, the unprecedented surge in demand initially buoyed the performance of most food companies. Nine months later, as the economic crisis continues to impact families, there have been significant “sticky” shifts in consumer spending, preferences and eating behaviors. COVID-19 effects have gone far beyond pantry loading, and what started as imposed behavior changes are now becoming learned behaviors, here to stay for consumers. CPG food companies must be cognizant of these swings and evolve to meet these redefined consumer needs.
Have food companies equipped themselves to adapt to the disruptive forces of the pandemic? How can they create the resiliency to both navigate the near term, as well as prepare themselves for those changes we believe will survive beyond the pandemic? We at A&M’s Consumer and Retail Group explore these impacts and a set of imperatives for CPG food companies to thrive in the new normal.