LESSONS from previous recessions should inform retailers’ approach to bakery brands, according to Baked by Rich’s
The firm has highlighted the ‘lipstick effect’ that was seen during the recession between 2008 and 2012 as a potential c-store sales driver as many consumers face economic turbulence in the wake of the pandemic. In reference to behavioural change that saw shoppers treating themselves in smaller more affordable ways during previous crises, Rich’s reckons the lipstick effect could fuel growth for affordable bakery treats.
John Want, sales, marketing and R&D at Rich’s, said: “Bakery is a sector that can offer more of an eating ‘experience’, not only through strong Instagram-able product visuals, but also through quality ingredients with provenance that have a back-story; people increasingly want to know where the food they are eating comes from.”
