Coca-Cola reported profits and sales that beat expectations Tuesday morning. The beverage maker has seen revenues continue to rise in recent years, even though consumers are drinking less soda.
One factor is the growing popularity of smaller-format drinks, like Coke’s 7.5-ounce mini cans. The company recently announced it will begin selling those individually for the first time at convenience stores next year.
At not even a full cup’s worth, Coke’s mini cans are just a quick hit of carbonated indulgence, according to Mintel analyst Lynn Dornblaser.
“Consumers make their impulse purchases in convenience stores, so they're going in because they want a little bit of a treat,” she said.
And offering a “little bit” is a selling point, said Randy Chapman, a consumer goods consultant with AlixPartners. He noted that about 10% of U.S. consumers are on weight-loss drugs, and many more have become conscious of sugar and artificial sweeteners.
“And these 7.5 [ounce] sizes give an opportunity for these folks to continue to drink what they enjoy drinking, but in a smaller size,” he said.
Mini cans will also have a snack-sized price — around $1.29 each. “There's really not many options available below that $2 price point,” Chapman said.
Most consumers, he added, aren’t calculating price per ounce when they pop into the corner store. That low-stakes sticker price could also convince consumers to take a chance on new flavors, according to retail strategist Neil Saunders at GlobalData.
“It makes a lot of sense to almost have these like trial sizes, in a way, just to get people to give things a whirl,” he said.
Coca-Cola has confirmed Diet Coke Lime is returning this fall, with Sprite Winter Spiced Cranberry coming later this year.