Deep Dive 19 minutes PremiumFive Key Strategies for CPG Companies to Tackle Inflation and Changing Consumer Behavior in 2023 Arun Sriram, Analyst Sector Lead: Anand Kumar, Associate Director of Research March 23, 2023 Table of ContentsIntroduction Market Scale and Opportunity Five Key Strategies for CPG Companies to Tackle Inflation and Changing Consumer Behavior: Coresight Research Analysis 1. Focus On Long-Term Strategies 2. Use Data Models and Analytics to Determine Optimum Pricing 3. Innovate Product Offerings Amid Price Hikes 4. Understand Customers on a Deeper Level 5. Streamline Operating and Business Models What We Think Implications for Brands/Retailers Implications for Technology Vendors What's InsideThe US consumer packaged goods (CPG) sector is experiencing several strong headwinds, including inflation, higher input costs and rapidly changing consumer demand. Inflationary pressures and consumer fears of an economic slowdown have already resulted in lower consumer confidence and reduced basket sizes, impacting CPG sales. We look at five key strategies that CPG companies can adopt to remain resilient through this period of economic uncertainty. Data in this report include: US CPG market size and year-over-year change for 2017 through 2026 (estimated) Price per unit across prominent US CPG categories and year-over-year changes for 2022 and early 2023 Unit sales for prominent US CPG categories and year-over-year changes for 2022 and early 2023 Proprietary Coresight Research survey data on how respondents who have observed inflation have changed, or expect to change, their grocery shopping habits Companies mentioned in this report include: Clorox, Colgate-Palmolive Company, The Procter & Gamble Company, Reckitt Benckiser Group, Unilever Other relevant research: Market Outlook: US CPG—Growth Led by Price Hikes Amid Macroeconomic Volatility 10 Trends in the US CPG Market Read reports in our US CPG Sales Tracker series Explore CPG data, reports and company profiles on the Coresight Research Food, Grocery and CPG Retail Hub This report is for Premium subscribers only. Learn more about subscriptions here.If you are a Premium subscriber, please log in. Other research you may be interested in:
