Consumers prefer mid-sized packs instead of value packs this quarter

economictimes.indiatimes.com:

Multi-use, mid-sized packs in categories such as confectionery, personal care and home care products witnessed a higher uptake in the June quarter of 2023, as per data from Bizom, a retail intelligence platform. In confectionery, mid-priced packs grew 2. 5 per cent during the quarter, while the growth in high-value packs in the same category declined by an equal proportion. Consumers clearly preferred mid-priced packs in personal care goods grew by three per cent, while low-priced packs declined by 3. 4 per cent. In home care, mid-priced packs rose 7. 1 per cent, as consumers upgraded from low-price packs which saw a fall of 6. 8 per cent, thus driving growth in this category. “Consumers seem to be looking for greater value among confectionery, personal care as well as home care products. Here we see a strong movement into multiuse, mid-sized packs that offer the flexibility of limited spending and greater value than smaller-sized ones, ” Bizom’s chief of growth and insights, Akshay D’Souza, said to TOI.

HUL Q1 Results: Profit rises 8% YoY to Rs 2,472 crore; sales jump 7%

Despite the trend, confectionery and personal care categories witnessed a contraction of 7. 6 per cent and 11. 5 per cent respectively in the June quarter of 2023, as compared to the same quarter last year. Home care products have seen double-digit growth of 14. 7 per cent. “In this season, though inflation is lower, it has still impacted the consumption of discretionary products including confectionery where there have been no real drop in prices. As a result, we do see spending shifting from high to mid-value packs as consumer wallet share for this category gets rationalized,” said D’Souza of Bizom. However, this trend has been