Food marketers are pulling a page from fast-food menus and touting dollar deals to promote their products.
As cash-strapped consumers face escalating food prices, Wal-Mart, Kraft, Unilever and Campbell are using the magical $1 price to tap into the trend of people eating and cooking more at home.
“It seems like that’s the definition of value,” says Tom Vierhile, research director with Datamonitor, which tracks marketing and consumer products. “You have a whole segment of retail built around it. And it has a ring to it.”
A ring that marketers hope will convert to cha-ching at registers as food prices climb. They’re up 3.3% for the 12 months ended April 30, according to the latest consumer price index.
“The dollar is what a nickel was for our grandparents,” says food and retail expert Phil Lempert, the Supermarket Guru. “A full shopping cart gives people a psychological satisfaction that they are doing a good job for their family.”
Photo by ba1969.