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BizReport : Research archives : June 27, 2016

Study: Transparency important to CPG buyers

When it comes to the food we eat and the beverages we drink, most of us want more transparency. And, despite that want, most of use (81%) have consumed a product within the past month that we did not recognize. Those are key takeaways from new Label Insight research.

by Kristina Knight

According to the 2016 Food Revolution Studay most (67%) consumers believe it 'is the brand's responsibility' to be transparent about the ingredients in their foods and drinks, but only 12% say brands are 'the most trusted' resource for food information.

"We've reached a point where consumers have much higher expectations for transparency about what is in their food," said Patrick Moorhead, CMO at Label Insight. "Consumers have been demanding more and more information from brands in every sector of the market, and food companies are finally realizing how important it is to provide that information. Retailers are facing an increasing demand in terms of providing product information, and many are seeing their long-term customers jump ship to competitors who provide more information. This presents an opportunity for new brands to gain market share, but also for established brands to secure loyalty by opening up about their products."

Researchers polled more than 1,500 consumers about their thoughts on CPG brands and labeling practices. Some interesting takeaways from the report include:

• 94% of consumer say transparency is important to their purchase decisions
• 83% say 'extensive' product information was an added value for them
• 37% say they would switch brands for better product transparency

Tags: CPG trends, Label Insight, loyalty marketing, retail loyalty, retail transparency

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