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This year saw record-low purchasing consideration, according to Morning Consult’s Fastest Growing Brands of 2022 report. Because of inflation, consumers turned more to low cost products, such as food and beverage items. As a result, F&B brands accounted for almost half of the top 20 fastest growing brands of the year.
Across all brands Morning Consult tracks, purchasing consideration fell -1.37 percentage points on average between January and October 2022. This is the first time this number has been negative since 2018.
However, the news was generally positive for food and beverage brands because of their low price points. Food and beverage made up nine of the 20 fastest growing brands for the year.
The results differed significantly across generations. only two F&B brands made the Gen Z list, while 10 made the Millennial list. Gen X and the Baby Boomers fell between the two extremes.
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