Sweet spreads inflation in Hong Kong stood at 11.080% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q4 2023, GlobalData monitored the pricing of 42 sweet spreads SKUs from companies such as Pip & Nut, Skippy and Manilife that were sold by e-retailers. Buy the report here.
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Pricing is crucial, especially in a challenging economic climate, as competitive pricing and price leadership impact consumers’ choices. GlobalData’s pricing analysis reveals that ParkNShop offered lowest prices of the total SKUs within the sweet spreads category from October through December 2023, followed by Cabinet Organic and Biovea. According to the analysis, the price range of $5 and $10 was the most competitive, with 20 SKUs.
The chart below illustrates price leadership among the covered retailers which offer the highest number of low-priced products in the category. Of all retailers, ParkNShop had greatest share of lowest prices for individual SKUs in sweet spreads in Hong Kong in Q4 2023.
Analysis of the quarterly price data showed that Biovea offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed crunchy; peanut butter and superchunk; peanut butter as the most popular (by number of SKUs) sweet spreads variants. These were priced 63.95% lower than the average price of a sweet spreads SKU.
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Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were ParkNShop, Cabinet Organic, Biovea, Huorganic and . According to the analysis, Cabinet Organic had the lowest average unit price, while the retailer with the widest product assortment was ParkNShop.
The report brings attention to the intricate pricing dynamics within the sweet spreads market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, ParkNShop, Cabinet Organic and Biovea stood out as prominent e-retailers, providing competitive pricing for a substantial number of sweet spreads SKUs. However, to comprehensively grasp sweet spreads market in Hong Kong, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Hong Kong sweet spreads market, buy the report here.
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