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1、Kearney Consumer InstituteQ1 2023 DACHShould I stay or should I go?Redefining trading down,trading off,and consumer shopping decisions2Shopping is an emotional,financial,and time investment;innovation mixed with disrupted habits increased options,access,and visibility to products and brands for cons

2、umers.With increasingly low switching costs,consumers constantly evaluate quality and brand,weighing their options.23 3The convergence of optionality,quality,and loyalty blurs consumer behavior.True changes in consumer behavior have been mistakenly explained by Stockouts and supply chain issues Work

3、ing from home and lifestyle changes Interest rates Purported values-aligned shopping(e.g.,sustainability)Need for convenience“Poor”customer service .3Inflation(and the“trading down”refrain)is the latest attempt to explain consumer behavior.4We are seeing some customers trade down from beef into more

4、 affordable sources of protein.Woolworths CEOAugust 2022We do not see consumers trading down.On the contrary,they are investing in quality and our best brands are the ones that have fastest growth.LOralCEO July 2022Alcohol consumers are trading down.Michters Distillery President December 2022Those s

5、taples like pasta,bread and beans is where were seeing customers choose to trade down to the entry level product.Tesco CEO June 2022Mass is outperforming prestige,but its hard to know for certain if we are starting to see consumers trade down.Ulta CEO December 2022We are not seeing people trade down

6、.Dicks Sporting Goods CEO November 2022We are not seeing trading down.Unilever CEOOctober 2022European consumers are trading down.Coca-Cola CEO October 2022Consumers are trading down to eating at home over eating out.ConAgra CEO January 2023Conflicting opinions on trading down create confusion.And e