March 10th, 2023, Lesley Simeon
With its quarterly results exceeding Wall Street estimates, canned food retailer, Campbell Soup Company, has raised its annual sales forecast. On a call with analysts discussing the results, CEO Mark Clouse mentioned that, “Over 80% of meals are being prepared in home… that the focus on those in-home meals revolve around both value and time to prepare.” According to Clouse, the “magic numbers” on dinner are 20 minutes, while consumers wrap up lunch prep in 10 minutes.
What are Campbell’s customers thinking about when it comes to planning their meals?
According to YouGov Profiles - which covers demographic, psychographic, attitudinal and behavioral consumer metrics - time to prepare/acquire - a meal planning concern underlined by Campbell’s - is a factor that’s considered by 53% of the food company’s customers and 44% of the general US population when deciding what to eat, at home or outside.
Along with time, consumers are also looking to make the best of their stretched food budgets by opting for value-driven and easy to prepare meals, Clouse says. Sure enough, cost is the top meal-planning concern for Campbell’s’ customers, as 58% of Campbell’s’ consumers consider cost and another 58% consider convenience when deciding what to eat, whether at home or out of home.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
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