Plant-Based Price Premiums - Gen X, Y and Z Significantly More Willing to Pay - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 31, 2021--
The “Flash Report: Plant-Based Price Premiums” report has been added to ResearchAndMarkets.com’s offering.
Figuring out how to price your consumer product to optimize sales is a challenge every new business faces. This flash report gives you exclusive insights into how plant-based buyers think about price premiums. It’s your key to understanding the role that price plays as plant-based products move from niche to mainstream, and how to best position your own products in a quickly changing landscape.
This 10-page PDF report with key takeaways, charts, and tables showing who is willing to pay a premium for plant-based foods, and how much. We provide breakdowns based on gender, age, household size, dietary status, and motivations/barriers related to buying plant-based foods.
Highlights and Key Takeaways
- Men are more willing to pay higher premiums for plant-based foods, even though about two-thirds of plant-based buyers are women.
- The more members that a person’s household has, the more willing that person is to pay a premium for plant-based foods, and to pay a higher one.
- Most plant-based buyers are willing to pay a premium for great-tasting plant-based foods, but not a big one. Plant-based brands should keep striving for price parity, but may not have to fully achieve it.
- There is a very direct and correlated relationship between age (generation) and willingness to pay a premium
- Background: Younger generations - Generations X, Y, and Z - are significantly more willing to pay a premium, and a much larger one, than the “Boomer” and “Silent” generations. This aligns with what we know to be true of the younger generations; they are more willing to pay for products that align with their worldview and they are still in their income-generating years. This is especially true of Generations Y and Z.
- Takeaway: Targeting younger generations makes sense for many emerging categories and brands that sell at a premium. For brands considering targeting the Boomer and/or Silent generations, it’s important to know that there is very little tolerance for price premiums among these groups. At the same time, for a company whose products are comparably priced to conventional, animal-based meat and dairy, the older generations represent a largely untapped market that is hungry for these products (if the price is right).
Key Topics Covered:
- Highlights and Key Takeaways
- Plant-Based Price Premiums
- Plant-Based Price Premiums by Gender
- Plant-Based Price Premiums by Age
- Plant-Based Price Premiums by Number of Household Members
- Plant-Based Price Premiums by Key Motivations
- Plant-Based Price Premiums by Key Barriers
- Plant-Based Price Premiums by Diet
- Impossible Foods
For more information about this report visit https://www.researchandmarkets.com/r/sfo40e
View source version on businesswire.com:https://www.businesswire.com/news/home/20210531005065/en/
Laura Wood, Senior Press Manager
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INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
SOURCE: Research and Markets
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PUB: 05/31/2021 04:18 AM/DISC: 05/31/2021 04:18 AM