McCormick & Co. Released an Entry-Level Range of Spices Under Lawry's
Colin Smith — September 13, 2022 — Business
References: mccormickcorporation & foodbusinessnews.net
McCormick & Co. announced that it had created a new Lawry's Spices collection of ten affordably-priced spices for home cooking. The company announced that it released this line of affordably-priced spices in order to address current inflation rates. According to McCormick & Co., 50% of surveyed customers stating that they were looking for ways to save money in May, 2022, and this number had jumped to over 70% by August of 2022. This is a "big jump" that is due to inflation and increased prices of all products, according to Brendan Foley, the CEO of McCormick & Co.
Foley continued on to state that “But the biggest pain points ... has been really at the gas pump and at grocery stores," stating that these prices have increased dramatically, effectively changing consumer purchasing habits. Henceforth, the new lineup of Lawry's home spices are priced lower than competitors without compromising on quality.
Image Credit: McCormick & Co.
Foley continued on to state that “But the biggest pain points ... has been really at the gas pump and at grocery stores," stating that these prices have increased dramatically, effectively changing consumer purchasing habits. Henceforth, the new lineup of Lawry's home spices are priced lower than competitors without compromising on quality.
Image Credit: McCormick & Co.
Trend Themes
1. Affordable Spices - The trend of affordable spices is an opportunity for food and beverage industry to attract price-conscious consumers by releasing entry-level products.
2. Budget-friendly Products - The trend of budget-friendly products is an opportunity for consumer goods industry to develop and release low-priced items to tap into and cater to the cost-conscious market.
3. Inflation-focused Marketing - The trend of inflation-focused marketing is an opportunity for marketing industry to pitch how their company is addressing the issue and how they are catering to consumers' budget limitations.
Industry Implications
1. Food and Beverage - The affordable spices trend is a potential opportunity for food and beverage companies to offer low-priced products to attract budget-conscious consumers.
2. Consumer Goods - The budget-friendly products trend is an opportunity for consumer goods companies to engage and cater to consumers' price preferences by offering low-priced items.
3. Marketing and Advertising - The inflation-focused marketing trend presents opportunities for marketing and advertising industry to promote companies that are offering affordable options to beleaguered customers affected by the inflation.
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