More than half of high-income households across the top six European grocery markets are expected to catch Paris Olympics at home, a recent report has stated, highlighting significant opportunity for grocery retailers to cater to at-home (AH) experience.
According to recently-released insights from Circana, consumer behaviours and trends during summer of sport will provide fresh opportunities for fast-moving consumer goods (FMCG) retailers and manufacturers to capitalise on these events.
Circana’s survey data reveals that 56 per cent of high-income households across the top six European grocery markets (51 per cent in the US) say they would prefer to watch at home, surprising many hospitality venues. However, 44 per cent of consumers say they are open to or prefer out-of-home viewing. This dual trend presents a significant opportunity for grocery retailers and manufacturers to cater to both at-home (AH) and out-of-home (OOH) consumption preferences.
By strategically aligning product offerings, pricing, and promotional efforts, as well as investing in quick service delivery (QSD) partnerships, brands can significantly boost both sales and brand growth. Importantly, this approach offers a powerful avenue for local and challenger brands to achieve effective market penetration without the need for large budgets.
In an expensive media and promotion marketplace, demand forecasting and media strategy need to be as focused as possible, Circana states, adding that 24 per cent of consumers said they are likely to make changes to the way they participate, purchase and consume during the biggest sporting event of the year.
Consumers aged over 45-years are likely to spend more at the summer games in Paris due to its unique history and significance, comparable to other global sports events. Brands targeting this age group can expect higher engagement, even though this demographic typically shows strong brand loyalty, tends to avoid switching brands, and is generally cautious with spending, except in certain categories, states Circana.
Ananda Roy, Senior Vice President of Global Thought Leadership and Strategic Insights at Circana, said, “The evolving consumer habits around major sporting events, particularly the summer games in Paris, offer numerous opportunities and challenges for brands and retailers. The key lies in recognising these shifts and innovatively adapting media and advertising strategies to meet new consumer demands.”
Roy continued, “By enhancing at-home experiences, rethinking delivery methods, or focusing marketing efforts on non-traditional locations like workplaces, offices, and holiday destinations instead of sports venues, the sporting arena offers abundant opportunities for those prepared to innovate and take decisive action.
“In today’s attention deficit economy, characterised by an overload of information and numerous media channels vying for limited consumer attention, it’s important to understand and respond effectively to these shifts in consumer behaviour.”
