The traditional nuclear family, once the target of consumer packaged goods (CPG) companies and retailers, is making way for a new type of ‘modern family’ — as household sizes shrink, families are increasingly multicultural, people are living longer, and the American middle class is changing. The shifts have dramatically affected consumer food purchasing behavior, with important implications for new product development and channel strategies.
In this Executive Insights, we outline how the changing demographics in the U.S. are playing havoc with how, what and where we consume, and what strategies food and beverage (F&B) companies should adopt to be successful going forward.
The competitive landscape for F&B companies is more complex than ever. Understanding these shifts and how to leverage them are the keys to success in this modern world.