According to a global survey conducted by Canadean, six out of 10 respondents find products which remind them of their childhood and simpler times appealing.
Due to its indulgent nature, confectionery – a global market worth US$174,738.55 million ($234,454.63 million) in 2014 – is one of the go-to products that help consumers relax and alleviate feelings of stress.
Canadean suggests that confectionery manufacturers capture the attention of these stressed consumers via their ever-growing desire for nostalgia.
“Consumers can be targeted with limited editions of popular confectionery that remind them of their childhood,” Canadean analyst Joanne Hardman said. “This allows brands to charge a premium price for the product, as shoppers are willing to pay more for an exclusive experience and the chance to elicit happy memories.”
It is expected that brands and private labels will make nostalgia a central theme. Canadean’s global survey also showed that 44 per cent of respondents think private label and branded foods and drinks are produced in the same factory and then simply packaged differently.
“Consumers think more highly of private labels, creating a huge competition for customers as store’s-own brands expand their portfolios to include more premium products,” Ms Hardman said.
However, not all private label brands will be able to replicate the same level of heritage and emotion that consumers associate with some national brands. Rather, “they should concentrate on more contemporary themes, mixing nostalgia with experimentation to stand out on the shelves,” Ms Hardman said.