2023 Market Update: Consumer Products

by | Jan 9, 2023

2023 Market Update: Consumer Products
2022 has come with its fair share of challenges, including increased inflationary pressure, rapidly changing consumer behaviors, and continued supply chain constraints. This brings a level of complexity and necessary adaptability that most businesses will continue to struggle through in the coming year. However, 2023 will prove to be a year of opportunity for emerging businesses and growing brands, where innovation, technology, and leadership will serve as catalysts for maintaining and accelerating consumer relevance and market share.

Getting to the Core

Many businesses have overextended their offerings in recent years and are re-evaluating their value propositions and rationalizing stock-keeping units (SKUs). The companies that prioritize customer voice and focus on their core initiatives will come out on top this year.

Shrinkflation

Consumer sensitivity to price increases exceeds sensitivity to smaller-sized products and often goes unnoticed. Shrinkflation will continue to be something we see as companies find ways to reduce costs in the face of staggering inflation.

Sustainability

Companies across the globe are becoming more focused on sustainability in direct response to rapidly evolving consumer behaviors and demands. A strategic commitment to environmental, social, and corporate governance (ESG) and measurable follow-through is becoming a prerequisite for business success.

Jason Levi Pinegar
Partner

pinegar@mbexec.com
o: 949.930.0563
m: 702.666.2458

Jason specializes in strategic executive talent acquisition and organizational leadership design and co-leads the firm’s Consumer, Industrial, and Sustainability/ESG practices. He supports a variety of clientele across venture capital, private equity, public, founder-led, and family-owned businesses. He brings expertise in management consulting with a unique focus in Leadership + Managing Organizational Change (MBA), coupled with valuable experience in organizational psychology, leadership assessment + development, and succession planning (MA-PPE, BA). Jason also serves as a Chair Member for the firm’s Lean Six Sigma, Corporate Social Responsibility (CSR), and Diversity, Equity, Inclusion, and Belonging (DEIB) committees.

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