When we launched last year’s report, we were emerging, blinking and readjusting to the light after a global pandemic that had caused fundamental shifts in consumer behaviour and the beverage industry. The events of the last twelve months feel no less seismic, with continued volatility in global economics, supply chains and politics continuing to cause major changes in how consumers purchase beverage products.
The cost of living crisis is, of course, front and centre of everyone’s minds. This is a double-edged sword for the beverage industry - on the one hand we expect to see consumers exercising spending caution. But on the other hand, we're seeing the return of the beverage as an 'affordable indulgence', creating opportunities for innovation and value creation.
This desire to treat themselves, coupled with concern for their health, and that of the planet, is driving the trend toward 'conscious consumerism'. We’re seeing how each purchasing decision is carefully evaluated in terms of financial, health and environmental cost. Throughout this report we’ve sought to encapsulate this broad sentiment under the banner of ‘mindfulness’, as people mindfully allow themselves indulgences, choose healthy products, and opt for brands with a lower environmental impact.
So we’re excited to say that despite the macro-economic scenario, the outlook for the beverage industry is positive, with consumers making good choices for the planet, and for themselves, and it’s with a renewed sense of optimism that we look forward to the next twelve months.
We hope you enjoy this year’s report, and if you’d like to discuss any of these trends further, please get in touch with a member of Finlays Europe team.
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