Asian festivals offer retailers a major opportunity to grow their business, according to Ferrero.
It invested in research to understand the opportunity that Asian festivals, such as Diwali or Eid, can offer retailers, and found that 71% of retailers do not actively engage around the occasion with their customers.
Ferrero surveyed 1,000 retailers to gather research into the sales opportunity Asian festivals represent. The insight identified that 72% of retailers state that they sell a lot of chocolate products during these key trading spikes.
Ferrero intends to provide category expertise, bespoke POS, track sales and work with retailers and wholesalers to unlock the sales opportunity. The project will see Ferrero work collaboratively with the retailers and wholesalers to identify the optimum execution for Asian festivals.
Levi Boorer, customer development director, commented: “With 65% of retailers stating that boxed chocolates are most commonly bought as a gift during Asian festivals, we know that retailers understand the role that occasions play in driving their sales.
“What we’re aiming to do now is support the channel in capitalising on the opportunity that Asian Festivals can offer, when executed to a gold standard. By providing a tailored approach to these occasions – in the same way that we would Christmas or Easter – we can trigger impulse purchases in-store and drive strong category growth.
“Asian festivals provide exciting untapped growth potential, and by investing in research we are confident that we can use our findings to grow sales during the project, and subsequently demonstrate to retailers across the UK that Asian festivals are something which should not be forgotten about. Keep your eyes out for our findings later on this year to see for yourself.”