TrendSights Analysis: Experimentation – Tempting consumers with unique, inspiring and exciting products

2017-05-12
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Published : May-2017
No. of Pages : 38

TrendSights Analysis: Experimentation – Tempting consumers with unique, inspiring and exciting products

Summary

More expansive, bold, and risk-taking consumption patterns are apparent among inquisitive consumers who appreciate novel, “fashion-forward,” products, at a time when choice is more diverse than ever before. While FMCG purchases are generally quite routine, adventurous consumers seek a break from the norm with something different, such as a new flavor or ingredient.

Experimental consumers are vital in generating revenues from the new products that they buy. Overall industry growth is driven by novel varietals as the range of brands and formats coveted by consumers diversifies. It demands an ongoing renewal process to stay “fresh.” Marketers must also tempt shoppers by communicating what makes a product unique. A cleverly differentiated and relevant product creates desire. Desire makes it easier for consumers to change.

Many trends are driving experimentation forward; for example migrating influences creates demand for more exotic products; the fun of sharing new experiences with others encourages experimental purchases; and the trend for customization encourages consumers to make more unique products.

However, there are also opposing trends which pose new challenges for brands trying to create something genuinely innovative and interesting. For example, the population is getting older but seniors are more likely to prefer to stick with familiar tried and tested products; and the desire for fresh and natural products limits options in terms of novel product formulation.

Trend drivers
– Boredom: adventurous consumers become bored with the familiar and look for something different to engage their interest
– Bragging rights: today’s connected consumers enjoy sharing unusual experiences online; stimulating demand for innovative products they can brag about to their friends and followers.

Consumer targets
– Millennials are the most experimental consumer demographic. Driven by curiosity, they enjoy experimenting with new flavors and exotic products; while also being very open to innovative concepts.
– Emerging markets consumers are most likely to enjoy experimenting; while those in developed markets are more cautious in their choices.

The report “TrendSights Analysis: Experimentation” explores how FMCG brands can tempt experimental consumers with unique, inspiring, and exciting product innovation. Furthermore, this report insight into the different routes through which brands can stimulate consumer demand through offering more experimental products, understand what motivates consumers to experiment. This report helps to compare the relevance of experimentation in each industry across the FMCG space, and learn what the key opportunities are and identify the innovation implications of experimentation for your sector.

Companies mentioned in this report: Starbucks, CLRCFF, Suja, Panrico, Banana Joe, The Impossible Burger, Doritos, PepsiCo, Snask AB, PanPang Brewery, Firebox, Yumix, Commodity, CVS Health, Forces of Nature, Borshe, Drinkies, Purina, Golp, YunYan, 77 Flavor.

Scope

– Globally three quarters of consumers agree they enjoy experimenting with products from different cultures and cuisines.
– The majority of consumers are driven to experiment with new flavors and fragrances as a result of curiosity.
– Lack of time, choice overload, and brand loyalty present barriers to consumer experimentation.

Reasons to buy

– Gain insight into the different routes through which brands can stimulate consumer demand through offering more experimental products.
– Understand what motivates consumers to experiment.
– Compare the relevance of experimentation in each industry across the FMCG space, and learn what the key opportunities are.
– Identify the innovation implications of experimentation for your sector.

Filed in: Food & Beverage
Publisher : GlobalData
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