How Chocolate can help Predict Changes in Consumer Behaviour
Chocolate is often recognised as a very powerful tool in marketing and consumer psychology. From the early days of TV advertising specifically, chocolate has been used to portray feelings of sheer decadence, almost sinful luxury which brings consumers back to their favourite chocolate brands time and time again. It’s thanks to the connotations of chocolate (and the fact that chocolate is simply delicious) that many marketers and market analysts use chocolate sales data in order to predict upcoming market trends for the confectionary industry, and beyond.
Whilst the concept is quite complicated, in practice the theory is simply that because people have such a strong emotional connection with chocolate, the way chocolate is sold across the world can be seen as a benchmark to determine how other industry sales may turn. Are people looking for traditional chocolates that make them reminisce, or do they want the latest cutting edge ingredients? As these behaviours change, analysts worldwide can predict exactly what else it is that we want to buy!
When you think about it, the concept is pretty clear. The Christmas buying period usually starts with the sale of festive chocolates, from advent calendars to novelty shaped chocolates and even more expensive and luxurious chocolate gifts. What’s more, this pattern can be seen all year round, and here’s why:
“Chocolate makes an interesting case study because it has emotional appeal, growing consumer demand and it’s a huge global business. Chocolate resonates with consumers because it is associated with romance, holidays, rewards for good behavior and stress-eating. The global chocolate market is forecast to reach over $139 billion by 2024, with a compound annual growth rate of 4.5 percent from 2019 to 2024. Market trends show that the antioxidant properties of dark chocolate drive demand. Benefits to cardiovascular health associated with milk chocolate are expected to strengthen that demand.”
The size of the chocolate industry and the passion for chocolate that consumers have creates a great sample for experimenting and viewing just what customers want from products that they consume as a part of their daily lives. That’s why at Friars, we’re spearheading moves to ensure our chocolate is sustainable and even have our own Vegan Chocolate range which has been created to give consumers just what they want!