The winners of the Product of the Year Awards were announced this week. Australia’s largest consumer-based awards program are determined from a survey of more than 5000 Australian shoppers.
Lyre’s won the Product of the Year in Non-Alcoholic Spirits Category for its Lyre’s Pink London Spirit in a year when “health and wellbeing is still at the forefront of minds post COVID-19”.
Data from NielsenIQ research also demonstrates that inflation is having and impact on Australian households when it comes to the weekly grocery bill. Eighty-four per cent of shoppers said that they are employing cost-saving techniques in their weekly shop, with half of those shoppers saying they have switched to low cost or home brand options in order to save money. However, people are not cutting back on dining out as yet.
Product of the Year Director, Sarah Connelly says, “The rising cost of living has definitely changed the FMCG landscape, with affordability now the most important consideration for Aussies making their weekly grocery trip. Typically, during a recession, you will see many people cut back on holidays and indulgent expenses like eating out, but interestingly, the data indicates something else is happening entirely.
“Only a third of Aussies reported that they cut back on splurge-like expenses such as dinners and food delivery, instead opting to switch to cheaper brands, buy less groceries or reject their favourite brands altogether. After extended COVID-19 lockdowns, you can tell that people are much more willing to sacrifice their household goods if it means getting the opportunity to go out, socialise and enjoy all the things they’ve missed on in recent years.”
The trend towards shopping local also persists with a third (32 per cent) of shoppers preferring to go to retailers that support Australian brands.
