Gourmet typically refers to high quality, great-tasting foods and beverages, usually sold at higher prices due to their authenticity, care, and quality. They’re also priced due to the expenses incurred during manufacturing, marketing, merchandising and packaging. Companies specializing in gourmet foods sell products such as fish, meat, fruits and vegetables, candy and baked goods. The hourglass market phenomenon has played a critical role in selling gourmet products. This phenomenon is characterized by strong consumer demand for a product at either the low end or high end, but weak in the middle.
Consumer Trends
Until recently, products such as luxury chocolate had a thinly crafted niche. The targeted audience was the wealthy consumers who could afford the products for personal enjoyment or as gifts. However, this has changed in today’s world. Gourmet products are slowly becoming mainstream, particularly among those who are well educated and worldly. The exposure could arise from eating finer foods and drinks in restaurants and cafes, traveling across the world or by watching celebrity chef shows. Such consumers always choose great levels of taste and quality for their food and beverages. Some of the gourmet products with the fastest growing segments include beverages and confectionery.
Competitive Landscapes
When advertising gourmet foods and drinks, marketers always place them as affordable luxuries which consumers can enjoy daily. Some of them include artisan cheeses, ice cream, baked goods, chocolates, coffee, and fine tea. These products have, for a long time, exhibited remarkable selling trends, even when the economy is facing some turbulence. Some consumers use gourmet foods for comfort, thus the reason why people who want small indulgences to enjoy, go for them. In essence, consumer spending and tastes drive the demand for gourmet foods. Each company gains its profits based on the effectiveness of its merchandise and the ability to generate store traffic.