“Snackification” is Alive and Well in India despite Price Hikes!
While Indians are facing budget constraints due to inflation and other economic setbacks, these shaky tightropes haven’t been able to deter their snack consumption.
Instead, snacking remains a source of comfort in turbulent times.
🥨Today’s global economic structure has affected food choices, with nearly 90% of consumers worried about rising prices.
🥨Moreover, 8 out of 10 Indians have become more budget-conscious than they were in 2021.
Consumers reveal that the costs of food items needed to prepare meals are putting a bigger hole in their pockets than snacks.
🥨67% of Indians are shelling out more money on groceries than a year ago, with millennials leading the pack (79%).
🥨Yet, snacks always fit in the grocery budgets of 86% of people.
Besides, consumers aren’t just chowing down snacks to sustain their day between meals but also to boost their physical, mental, and emotional health.
🥨Case in point, snacking offers an opportunity to connect with others, with 88% of Indians snacking together at least once every week.
🥨Likewise, 81% of Indians enjoy moments of peace during their day while snacking.
🥨Among snacks, 83% of consumers find chocolate soothing to their souls.
Overall, snacks remain a routine shopping basket item in the Asian country, even though people are feeling the crunch of the present economy.
🥨In fact, 76% of the native population snack at least twice a day.
Amid these trying times, Indian consumers see their favorite snacks as affordable and necessary indulgences.
Citations:
- https://www.mondelezinternational.com/-/media/Mondelez/stateofsnacking/2022/2022_MDLZ_stateofsnacking_report_GLOBAL_EN.pdf
- https://www.foodtechbiz.com/business-updates/chocolates-remain-small-bites-of-comfortable-indulgence-reveals-mondelezs-state-of-snacking-report
- https://timesofindia.indiatimes.com/business/india-business/snacks-buck-downtrading-trend-study/articleshow/99155520.cms
