IRI Consumer Connect Survey Finds Younger Millennials Outspending Older Cohorts on Food and Beverage Purchases
Edibles’ Inflation Softened in Q1 2019; Interest in Sustainable and
Plant-Based Products Continues to Grow
CHICAGO–(BUSINESS WIRE)–Consumer confidence has been up and down in 2019. Despite a strong start
to the year, confidence dimmed at the end of Q1 2019. It is currently
surging again due to a strong labor market, but trade issues could
easily cloud this outlook. This mixed bag is impacting consumer spending
on food and beverages, according to the latest IRI Consumer Connect
survey findings released today. Food inflation softened in Q1 2019 to
1.7% compared to 2.2% in 2018, but not everyone is freely opening their
wallets. Younger millennials (born 1990+) are outspending older
generations in food dollars, while older cohorts are more likely to be
using a number of money-saving tactics to keep food bills manageable. To
get a closer look at the most recent food and beverage trends for the
beginning of the year, IRI also released “Early
View 2019.”
“Younger millennials have been lulled by the historically low
unemployment rates, which is boosting their overall confidence and
loosening their wallets,” said Joan Driggs, vice president of Content
and Thought Leadership for IRI. “At the other end of the spectrum, many
baby boomers, retirees and seniors are concerned about their retirement
savings due the volatile stock market this year and are watching their
expenses more carefully. In recent years, millennials have been less
optimistic than older consumers and were spending less. We are now
seeing a role reversal that is impacting spending on edibles across the
board.”
Food and beverage trends
Edible sales increased in January 2019; however, the growth was slower
than the industry average and cooled off in February and March. The West
(4.1%) and Plains (3%) regions led the way in edible growth, and the
Northeast (1.4%) and South Central (1.2%) had the slowest growth for the
13 weeks ending March 25, 2018.
Storewide department sales trends are rather mixed. Beverage and liquor
were top-performing departments in Q1, while the general food and
refrigerated departments, which experienced 3.7% and 3.2% growth in
January, declined by 1.5% and 1.1%, respectively, in March 2019.
Produce and meat posted declines in pounds, placing downward pressure on
the whole sector in Q1, while the bakery department posted strong dollar
growth driven by price. Perimeter pound growth has slowed compared to a
year ago across most sectors, including deli cheese, deli meat, deli
prepared, bakery, meat, produce and seafood.
Generational spending and saving habits
Younger millennial spending on food and beverages is clearly outpacing
older baby boomers and retirees, who struggled in Q1. In fact, younger
millennials’ edible dollar sales grew by 21.5% for March compared to a
year ago. And edible dollars sales for retirees and senior is down by
3.8% for March compared to a year ago.
Older generations are feeling a bit pinched and are embracing a wide
variety of money-saving tactics (younger millennials, older millennials,
Gen X, younger boomers, older boomers, retirees and seniors):
- Buy private label: 74%, 88%, 87%, 83%, 79%, 77%
- Try new, lower-priced brands: 70%, 80%, 79%, 73%, 69%
- Visit multiple retailers: 60%, 61%, 57%, 54%, 48%
-
Download coupons from retailer/manufacturer website: 46%, 62%,
60%, 56%, 48%, 39%
In addition, these older cohorts are more likely to buy food and
beverage brands other than their preferred brand because they are on
sale and buy brands because they have a coupon. However, retirees and
seniors won’t scrimp on certain items, with 44% regularly purchasing
premium quality food and beverage products compared to 38% of younger
millennials.
Emerging trends in sustainable and plant-based products
With nearly six in 10 consumers interested in eating less meat, and
nearly eight in 10 millennials eating meat alternatives, it is no secret
that plant-based eating is gaining momentum.
However, consumers also are looking to the power of plants for products
that do more — for their bodies, their families, the environment and the
world. The rate of consumer acceptance of plant-centric products across
the store is increasing rapidly, going from just a handful of categories
in 2014 to more than 90 categories, totaling more than $13 billion in
cumulative sales in 2018. Products such as dish care, facial care and
cosmetics are well on the path toward reaching peak household
penetration in addition to more obvious products, such as pet food, meat
alternatives and cheese.
The need for cleaner and healthier products goes beyond plant-based
products, with 78% of consumers saying sustainable sourcing of
ingredients is an important product attribute. Research conducted by IRI
and NYU’s Stern Center for Sustainable Business found that sustainably
marketed products delivered 50.1% of market growth from 2013 to 2018
while representing 16.6% of the CPG market in dollar sales in 2018.
Across all categories, sustainably marketed products delivered $113.9
billion in sales in 2018, 29% growth compared to 2013, and are
expected to grow to $140.5 billion by 2023.
“The latest generational spending habits combined with increased
interest in plant-based and sustainable products, opens up an
array of new opportunities for CPG marketers,” added Driggs. “To be
successful marketers must consider the importance of social media
reviews, create fresh, relatable content and be authentic when targeting
younger consumers. This doesn’t mean marketers should lose sight of
older consumers, who still have the greatest purchasing power, but
marketers must be very savvy and develop personalized, targeted
marketing campaigns that appeal to the various generations of shoppers.”
About the IRI Consumer Connect Survey
IRI provides new survey results at the end of each calendar quarter
covering shoppers’ behaviors and attitudes as they directly relate to
their strategies for learning about, purchasing and utilizing CPG and
health care products, as well as information regarding perceptions of
economic conditions and their ability to provide for their families. For
more information about customizing the research for a particular
category or industry, please contact [email protected].
About the IRI Partner Ecosystem
IRI fundamentally believes that delivering differentiated growth for
clients requires deep, highly integrated partnering with a variety of
best-of-breed companies. As such, IRI works closely with a broad range
of industry leaders across multiple industries and sectors to create
innovative joint solutions, services and access to capabilities to help
its clients more effectively collaborate and compete in their various
markets and exceed their growth objectives. IRI is committed to its
partnership philosophy and continues to actively enhance its open
ecosystem of partners through alliances, joint ventures, acquisitions
and affiliations. The IRI Partner Ecosystem includes such leading
companies as 84.51°, Adobe, BDS Analytics, The
Boston Consulting Group, Clavis Insights, comScore, Data Plus Math,
Edison, Experian, GfK, Gigwalk, Google, Ipsos, Jumpshot, Label Insight,
Mastercard Advisors, MaxPoint, MFour, Omnicom, One Click Retail, Oracle,
Pinterest, Research Now/SSI, Simulmedia, SPINS, TRAX, Univision, Viant and
others.
About IRI
IRI is a leading provider of big data, predictive analytics and
forward-looking insights that help CPG, OTC health care organizations,
retailers and media companies to grow their businesses. With the largest
repository of purchase, media, social, causal and loyalty data, all
integrated on an on-demand, cloud-based technology platform, IRI helps
to guide its more than 5,000 clients around the world in their quests to
remain relentlessly relevant, capture market share, connect with
consumers and deliver market-leading growth. A confluence of major
external events — a revolution in consumer buying, big data coming into
its own, advanced analytics and automated consumer activation — is
leading to a seismic shift in drivers of success in all industries.
Ensure that your business can leverage data at www.iriworldwide.com.
Contacts
IRI Contact:
Shelley Hughes
Email: [email protected]
Phone:
+ 1 312.474.3675
TORONTO and GLIL YAM, Israel, Sept. 11, 2024 /PRNewswire/ — IM Cannabis Corp. (“IMC” or the “Company“) (NASDAQ: IMCC) (CSE: IMCC), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that Mr. Shmulik Arbel has been appointed to the Company’s board of directors (the “Board“) effective September 9, 2024. Mr. Arbel brings a wealth of experience in strategic plans that drive profitability, as well as, finance and corporate governance, further strengthening the company’s commitment to driving growth while focusing on sustainable profitability.
“We are thrilled to welcome Shmulik to our Board of Directors,” said Oren Shuster, Chief Executive Officer of IM Cannabis. “Shmulik’s extensive international experience at Leumi, coupled with his proven track record in banking and finance will be invaluable as we continue to deliver on our strategic initiatives.”
Mr. Arbel retired as Deputy CEO from Leumi, Israel’s largest banking group, in April 2023, where he was instrumental in business growth and leading the service revolution. With over 25 years of experience at Leumi, Arbel has held senior roles throughout the organization, such as head of retail banking, head of the corporate division, and as chairman of Leumi UK. With key roles in Israel, New York and London, Mr. Arbel has a wide view on international business.
“I am honored to join the Board of Directors at IMCC,” said Mr. Arbel. “I look forward to leveraging my experience in banking and finance, providing guidance as IMCC continues to establish itself as the go-to brand in the cannabis world. I look forward to contributing to the company’s growth.”
Arbel holds a BA and MBA from Tel Aviv University.
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has focused its resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to: the stated benefits Mr. Arbel’s appointment, including the further strengthening the Company’s commitment to driving growth in the German market while focusing on sustainable profitability; and Mr. Arbel’s international experience and track record in banking and finance will be invaluable to the Company.
Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to realize upon the stated benefits Mr. Arbel’s appointment; and Mr. Arbel’s international experience and track record in banking and finance becoming invaluable to the Company.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and its subsidiaries (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt; risks surrounding war, conflict and civil unrest in Eastern Europe and the Middle East, including the impact of the Israel-Hamas war on the Company, its operations and the medical cannabis industry in Israel; risks associated with the Company focusing on the Israel and Germany markets; the inability of the Company to achieve sustainable profitability and/or increase shareholder value; the inability of the Company to actively manage costs and/or improve margins; the inability of the company to grow and/or maintain sales; the inability of the Company to meet its goals and/or strategic plans; the inability of the Company to reduce costs and/or maintain revenues; the Company’s inability to take advantage of the legalization of medicinal cannabis in Germany; and the Company’s inability to realize upon the stated benefits Mr. Arbel’s appointment; and Mr. Arbel’s international experience and track record in banking and finance not becoming valuable to the Company.
Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]
Oren Shuster, CEO
IM Cannabis Corp.
[email protected]
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Indivior
Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).
- Primary and Secondary End Points of the Study were Not Met
- Indivior Does Not Currently Expect to Exercise AEF0117 Option
SLOUGH, United Kingdom and RICHMOND, Va., Sept. 4, 2024 /PRNewswire/ — Indivior PLC (Nasdaq/LSE: INDV) is today providing an update following Aelis Farma’s announcement of the results from its clinical Phase 2B trial with AEF01171, evaluating the efficacy and safety in treatment-seeking participants with moderate to severe Cannabis Use Disorder (CUD). The purpose of this trial was twofold: (1) to show that AEF0117 (0.1, 0.3, 1 mg once a day for 12 weeks) lowers cannabis use and (2) to determine the endpoints and optimal dosage of AEF0117 for use in future studies. In this phase 2B study, patients were treatment-seeking participants, 84% of whom had severe CUD.
The results of the study demonstrated that the primary endpoint, the proportion of participants who reduced their cannabis use to ≤1 day per week, as well as secondary endpoints measuring the proportion of participants reaching either complete abstinence or who used ≤2 day per week, were not met. Although these results are disappointing, they indicate that significant work remains to be done to understand subpopulations of patients with CUD, specifically those with severe CUD.
This clinical Phase 2B study is part of the strategic collaboration between Aelis Farma and Indivior, which includes an exclusive option for Indivior to license the global rights to AEF0117. Given the lack of separation from placebo on primary and secondary endpoints and before seeing further additional favorable clinical data, Indivior does not currently expect to exercise its option.
Important Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding whether: we will be able to ultimately demonstrate the safety and efficacy of AEF0117, which is a prerequisite to filing any New Drug Application; we might ever exercise our option for AEF0117 and, if so, when; and other statements containing the words “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “forecast,” “strategy,” “target,” “guidance,” “outlook,” “potential,” “project,” “priority,” “may,” “will,” “should,” “would,” “could,” “can,” “outlook,” “guidance,” the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.
Actual results may differ materially from those because they relate to future events. Various factors may cause differences between Indivior’s expectations and actual results, including, among others, the risks described in our most recent annual report on Form 20-F beginning on page 9 as filed with the U.S. SEC and in subsequent releases; legal and market restrictions that may limit how quickly we can repurchaser our shares; the substantial litigation and ongoing investigations to which we are or may become a party; our reliance on third parties to manufacture commercial supplies of most of our products, conduct our clinical trials and at times to collaborate on products in our pipeline; our ability to comply with legal and regulatory settlements, healthcare laws and regulations, requirements imposed by regulatory agencies and payment and reporting obligations under government pricing programs; risks related to the manufacture and distribution of our products, most of which contain controlled substances; market acceptance of our products as well as our ability to commercialize our products and compete with other market participants; competition; the uncertainties related to the development of new products, including through acquisitions, and the related regulatory approval process; our dependence on third-party payors for the reimbursement of our products and the increasing focus on pricing and competition in our industry; unintended side effects caused by the clinical study or commercial use of our products; our ability to successfully execute acquisitions, partnerships, joint ventures, dispositions or other strategic acquisitions; our ability to protect our intellectual property rights and the substantial cost of litigation or other proceedings related to intellectual property rights; the risks related to product liability claims or product recalls; the significant amount of laws and regulations that we are subject to, including due to the international nature of our business; macroeconomic trends and other global developments such as armed conflicts and pandemics; the terms of our debt instruments, changes in our credit ratings and our ability to service our indebtedness and other obligations as they come due; changes in applicable tax rate or tax rules, regulations or interpretations and our ability to realize our deferred tax assets; and volatility in our share price due to factors unrelated to our operating performance or that may result from the potential move of our primary listing to the U.S.
Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.
About Indivior
Indivior is a global pharmaceutical company working to help change patients’ lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease.
Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.
References:
- National Library of Medicine (U.S.) (2022, April). Effect of AEF0117 on treatment-seeking patients with cannabis use disorder (CUD) (SICA2). Identifier
NCT05322941 https://www.clinicaltrials.gov/study/NCT05322941
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