Today’s consumer is not the consumer of the past, and tomorrow’s customers will continue to change at a rapid pace: Demographics and shopping habits are shifting; technology is creating new ways for them to purchase from a greater range of products; and attention spans are plummeting.
Innovative and on-trend small kitchen appliances (SKAs) are heating up with consumers. The SKA market was estimated to reach $5.8 billion in 2014, a 41 percent increase from sales in 2009 before inflation adjustment.
People love new technology, whether it’s back-up cameras and blind-spot warnings or better streaming and increased storage. There’s even crossover between the desires for new — Mintel’s research demonstrates just how much smartphones are ingrained in consumers’ lives: Prospective car buyers want to seamlessly bring this experience with them into their vehicles.
Food product introductions featuring new packaging have grown strongly over the past five years. Many manufacturers have opted for repackaging existing products to attract new audiences rather than introduce new items.
Competition in the beverage industry remains strong. Of the 4,245 new beverage introductions in 2013, 22 percent were new packaging, 40 percent were new products, and 35 percent were variety/range extensions. Brands must dedicate innovation to eco-friendly, altruistic and ergonomic packaging designs to meet consumers’ important packaging attributes on multiple levels.
This month in Consumer Insight we focus on age. Research shows who limited edition packs most appeal to and how easily opened packaging benefits buyers.
Research provided by Mintel.
Mintel is a leading global supplier of consumer, product and media intelligence. For 40 years, Mintel has provided insight into key worldwide trends, offering exclusive data and analyses that directly impacts client success. Contact Mintel at firstname.lastname@example.org or 312-932-0400. www.mintel.com.