Trend Sights Analysis: Product Specificity; Addressing the consumer need to share products, services, and experiences
Posted on 15 September 2016 by KenResearch Food and Beverage,
Addressing the need for greater personalization using more specific product attributes
What? Defining Product Specificity
A counter-trend amid the ubiquity of mass-market products and brands is the search for more bespoke, personalized products and services. "Mass customization" is being adopted as consumer-facing companies seek to capitalize on demand for greater product variety and individualization. Products that meet more personal needs are perceived as offering superior value, and positively impact perception.
Why? Trend drivers
- More individualistic, digitally connected consumers feel empowered to express and act upon their opinions and beliefs by making "identity-related" purchases.
- Global economic development and urbanization in emerging markets is making consumers more wealthy, creating a greater sense of personal entitlement, which is driving self-congruent consumerism.
- Escalating threat of private label products in FMCG is putting pressure on brands to adopt a differentiation strategy. Personalization/customization can be both a functional and emotional reason to trade up and can provide a route to premiumization.
- Self-responsibility for health and wellness is driving consumption of products that enable consumers to control their diets more directly to meet their personal health needs.
How? Key take-outs and implications
- Create new, more specific consumption niches, through daypart targeting, and products that are seasonal/holiday-inspired, or target sports/activities or social occasions.
- Be mindful of evolving gender roles in society and break away from gender-biased categories through marketing, formulation, and packaging.
- Focus on niche "hyper-local" references, such as using weather-based marketing.
- Capitalize on consumer's specific avoidance and moderation demands through portion control, low-ABV alcohol, and allergen-free products.
Report Covers the following factors
FMCG trend analysis Report
Consumer Habits in Retail Sector
Product Specificity Trend in FMCG
Importance of Product Specificity
Future Trend Growth Product Specificity
Mass customization trend in Retail
- Just-for-me" product solutions appeal to today's self-expressive and individualistic consumers who reject a "one-size-fits-all" approach to consumption/usage of products. 41% of global consumers believe that customization/personalization claims have a favorable influence on their perception of a product.
- Opportunities exist for manufacturers to create new, more specific consumption niches through day part-targeting, and products that are seasonal/holiday-inspired or target sports/activities or social occasions. Over a quarter of global consumers find a food/drink product that is advertised for a specific time of the day or night appealing.
- Consumers are moderating their intake of products and ingredients to promote healthy lifestyles, spurring demand for innovation based on portion control, offering low-ABV alcohol and allergen-free formulations.
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