TrendSights Analysis: Efficient & Effective – Catering to the needs of consumers seeking efficiency and efficacy

2017-10-20
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Published : Oct-2017
No. of Pages : 34

TrendSights Analysis: Efficient & Effective – Catering to the needs of consumers seeking efficiency and efficacy

Summary

“Efficient & Effective” is the trend of the consumers willing to spend additional money for saving time and improving their quality of life. Time and health are important resources which are harder to create than money. Thus, many consumers are willing to spend large amounts of money in order to to save marginal amounts of time or health. Brands can seek to offer premium products which help consumers conserve these valuable resources.

Consumers are faced with trade-offs between several key resources: money, time, and health. With the desire to live a well-balanced life, consumers are under an increasing pressure to conserve time and improve certain aspects of their well-being. FMCG brands can offer consumers premium products that help them in effectively buying back two of these scarce and valuable resources. However, in order to successfully provide these products to consumers, brands must build consumer trust and convince them that the products offered fulfil the claims made.

Young consumers are the most time sensitive body of consumers and also tend to be the most concerned with their health. Younger consumers have greater pressure to balance social life, kids, work, and health combined with a higher receptiveness to novel solutions in FMCGs.

In order to meet consumer desire for Efficient & Effective products brands should seek to offer products that save time and products that deal with specific consumer needs.
Efficiency oriented products, for example, help consumers conserve time either by simplifying processes or by facilitating on-the-go consumption. Effective products, on the other hand, are those that provide clear benefits through tested methods and ingredients. In order to successfully market these products brands must build consumer trust such that claims of efficiency and effectiveness will be seen as credible.

The report “TrendSights Analysis: Efficient & Effective”, examines the impact of the consumers’ desire to conserve time and live healthily on FMCGs. It examines why this trend is increasingly important, who the target market is, their preferences, and how FMCG brands can best capitalize on this trend. Finally, the report looks at what the future of the trend will be.

Companies mentioned in this report: Pantene, Savse, Purina, Eucerin, Nestle, Avene, Centrum, La Roche Posay, Blue Print Organic.

Scope

– 61% of consumers say that they rely heavily on time-saving products and services.
– 64% of consumers believe that food or drink can provide the same or better health benefits as vitamins and mineral supplements.
– 55% of consumers say that they are more likely to trust user reviews than brand claims.

Reasons to buy

– Understand the factors driving consumers towards Efficient & Effective products.
– Understand what consumers seek to resolve with Efficient & Effective products.
– Understand the key distinguishing traits of Efficient & Effective products.
– Understand the main opportunities within this trend and how it is affecting a variety of industries.
– Understand how other brands are designing products to cater to this trend.

Filed in: Food & Beverage, Food Service
Publisher : GlobalData
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