Mega-trends: convenience food and health to double in ten years (2/2)

In recent years, the trend for 'accessible premium' brands has emerged, reducing the high entry barrier that the industry once maintained for premium products. Datamonitor quotes the “phenomenal success” of brands such as Walkers Sensations as a prime example of how mass market consumers are trading up to higher quality products. Individualism The large increase in the number of ‘singles’ in western societies is important, claims Datamonitor, and is reflected in the trend for "looking after me" which centres on self-orientated gratification, reflected in their spending patterns. Individualism is reflected in consumption by the fact that over half of European and US consumers feel 'brands that match their attitudes and outlook on life' are important. An overwhelming majority (86 per cent) also felt that 'products and services designed for specific needs' were important and 66 per cent bought more such products in 2003-04. “Future product concepts will increasingly allow consumers to customise and/or co-create products to suit their preferences.” For example, Kettle Foods recently offered consumers a chance to rate five proposed flavour choices in 2005, to help develop its new flavour. Sensory Consumers today are seeking out more intense experiences from products and are more willing to experiment with new products. In 2003-04, over 60 per cent of consumers in the US and Europe indulged in food and drinks that they had never tried before. "Tapping into fascination with foreign cultures and flavours is also increasingly possible as globalistion drives experimentation," comments Bone. Comfort Consumers, apparently, are increasingly on the hunt for 'comfort food', with 55 per cent of European and US consumers in 2003-04 admitting to enjoying 'small indulgences to escape the pressures of everyday life'. Connectivity On a more ethereal note, Datamonitor attributes this mega-trend, in part, to the growth in ethical consumption to “connectivity needs”; such consumption is about community belonging and demonstrating shared values and attitudes. “Successful products must be founded on at least one and ideally several of these mega-trends, but the challenge will be maintaining a close eye on how the mega-trends evolve," concludes Bone. (Source: http://www.dairyreporter.com, 8/19, Mega-trends: convenience food and health to double in ten years)