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Consumers “go gourmet” in spite of recession

Purchasers of gourmet food products may make some concessions to stay within budget, but they are not wiling to compromise on sophisticated taste—they are merely finding more wallet-friendly ways to indulge. That was the major finding reported in Packaged Facts’ Gourmet, Specialty and Premium Foods, Beverages and Consumer Trends in the U.S., 8th Edition.

  • Changes in marketing strategy and a decline in consumers dining outside the home has helped gourmet products increase sales to more then $67 billion in 2009, compared to $65 billion the previous year.
  • About 20% of consumers seek these high end products and over 30% are willing to pay more for them.
  • It is estimated that in the next five years, the gourmet products market will approach $87 billion.
  • Gourmet retailers have reclaimed food dollars by developing “restaurant quality” items that help budget-savvy consumers bring the experience home.  

Source:  Packaged Facts, a division of MarketResearch.com, September, 2010