The forthcoming Paris 2024 Olympic Games will present a 'significant opportunity' for grocery retailers and manufacturers to cater to both at home and out-of-home consumption preferences, a new study by Circana has found.
Circana's Volume Vortex report, which surveyed more than 3,000 consumers across Europe, the US and South Africa, found that 56% of high-income households across the top six European grocery markets (51% in the US) say they would prefer to watch the Games at home, rather than in hospitality venues.
In addition, around a quarter (24%) said that they are likely to make changes to the way they participate, purchase and consume during the biggest sporting event of the year.
'Opportunities And Challenges'
“The evolving consumer habits around major sporting events, particularly the summer games in Paris, offer numerous opportunities and challenges for brands and retailers," commented Ananda Roy, senior vice president of global thought leadership and strategic insights at Circana.
"The key lies in recognising these shifts and innovatively adapting media and advertising strategies to meet new consumer demands.”
According to Circana, the Games are likely to see an increase in themed events and informal gatherings, a trend that will dominate sales of food, beverages, and general merchandise.
It suggests that brands with limited budgets could consider targeting semi-rural and holiday areas, where engaged, captive audiences are located away from busy cities.
Shifts In Consumer Behaviour
“By enhancing at-home experiences, rethinking delivery methods, or focusing marketing efforts on non-traditional locations like workplaces, offices, and holiday destinations instead of sports venues, the sporting arena offers abundant opportunities for those prepared to innovate and take decisive action," Roy added.
“In today’s attention deficit economy, characterised by an overload of information and numerous media channels vying for limited consumer attention, it’s important to understand and respond effectively to these shifts in consumer behaviour.”
