Six out of 10 respondents find products that remind them of their childhood and simpler times either very appealing or appealing, according to a Canadean survey of 50,000 people in 48 countries.
Due to its indulgent nature, confectionery – a global market worth US$174,738.55 million in 2014 – is one of the go-to products that help consumers relax and alleviate feelings of stress.
“Consumers can be targeted with limited editions of popular confectionery that remind them of their childhood,” says analyst Joanne Hardman.
“This allows brands to charge a premium price for the product, as shoppers are willing to pay more for an exclusive experience and the chance to elicit happy memories.”
The survey shows that 44% of respondents think private label and branded foods and drinks are produced in the same factory, and then simply packaged differently.
“Consumers think more highly of private labels, creating a huge competition for customers, as store-own brands expand their portfolios to include more premium products,” says Hardman.
However, not all private label brands will be able to replicate the same level of heritage and emotion that consumer associate with some national brands.
Instead, “they should concentrate on more contemporary themes, mixing nostalgia with experimentation to stand out on the shelves,” adds Hardman.
