Consumer trends

Canadians make decisions regarding their culinary habits based on the price, quality, taste and convenience of the food they purchase. Food producers attempt to meet as many of these conditions as possible, but it is quite difficult to incorporate all these factors into the final product. When trying to meet one set of these factors, inevitably another set will be lost (for example, increasing the quality of the product may frequently result in raising prices). Each consumer’s eating habits are reached by selecting and combining various parts of the factors described above, into an arrangement suitable for the consumer and his/her family.Identifying and comprehending consumer trends requires a great deal of research and analysis. All consumers are delineated into various demographic and economic categories. In other words, consumption is dependent upon a wide variety of factors, including, but not limited to, age, income level and informational asymmetries. Consistent market research is vital, towards understanding the current situation, and potential changes within, any market, including but not limited to consumer demographics, income/spending levels and patterns. As demographic and cultural diversity grows, along with average income levels, firms must be ready to tap into new market opportunities.

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