GET READY FOR THE BOUNCE BACK
UK set for the fastest growth since 1948
Barclay’s boss, Jes Staley, has forecast that Britain is set for a ‘spectacular’ boom at its fastest rate since 1948. Barclays believe the economy will grow by 6.5% – its highest rate in more than seven decades. Mr Staley further comments on the tremendous pent up demand (consumers sitting on £200 billion built up during the pandemic) and the fact that already the spending data for the first two weeks of April is very encouraging. These forecasts are underlined by a report by US banking giant Goldman Sachs who have said it expects the UK economy to grow by a ‘striking’ 7.8% this year.
Marketing tips for Food and Drink providers:
Numerous research studies have provided an almost endless stream of data tracking the latest consumer habits and trends, established throughout the Covid era. As we have commented previously, on line buying is now a learnt behaviour and will continue despite some consumers longing for a personal return to shopping; it is incumbent upon producers in the sector to work with retailers in creating engaging promotions whilst also continuing to ensure that web sites are as engaging and differentiated as possible.
Provenance has become an important factor as consumers have had more time to research the contents and ingredient origins of the products they buy and environmental factors – e.g., packaging, also remain a key concern. Our virtual shop/travelogue concept (see example https://www.realorganic.co.uk/explore-sauces/) is designed to re-enforce product provenance and authenticity.
Research from Nestle confirms the continuance of the home cooking trend, with 69% of respondents saying they would continue to home cook at the same rate post Covid. This is equally important inside and outdoors – with Google research also confirming that outdoor cooking was one of the most popular lockdown hobbies. Producers who can imaginatively adapt and promote lines to serve the outdoor cooking trend are expected to do well.