Nov 5, 2008

NASFT: Young adults buying; cold drinks, coffee most purchased

(New York, NY) – Consumers of specialty foods are getting younger and more adventurous.

Despite the turbulent economy, the $49.7 billion specialty food industry is enjoying a high level of consumption among young adults. At the same time, lower-income shoppers and those over age 65 are least likely to make such a purchase.

These are some of the findings revealed in “Today’s Specialty Food Consumer 2008,” an annual report from the National Association for the Specialty Food Trade (NASFT) based on a national consumer survey conducted by Mintel International, a leading market research firm.

The research found that that more than half of U.S. consumers purchase specialty food products. Six out of ten plan to use those items, such as cheese, salsa and olive oil, as part of an everyday meal. “Specialty food has clearly become an integral part of the American lifestyle,” says Ron Tanner, vice president, communications, education, government and industry relations for the NASFT.

Specialty food sales are coming under pressure as Americans cut back on spending across a wide range of consumer goods. According to the survey, 56 % of respondents reported purchasing specialty foods in 2008, down from 64 % in 2006.

The report defines specialty foods as “foods of premium quality, that are often made by small or local manufacturers or have exotic or ethnic flavors—foods that are distinctive.”

Of these foods, the top five most-purchased categories are cold beverages, coffee, olive oil/specialty oils, cheese and chocolate. Taste and quality have the most influence on choosing products, the research found.

Here are some highlights: