With consumer incomes in Europe and America rising, there is an ever-expanding class of consumers with greater expectations about quality and spending power to obtain it. Meanwhile, low income groups display a growing desire for aspirational products. This report will identify how both these groups can be successfully targeted with premium products.
Scope A comprehensive analysis of how consumers form their perceptions of what constitutes a premium offering. Data profiling specialty and prestige market growth and consumer attitudes towards premium related product attributes. Action Points pinpointing how to devise effective marketing strategies appealing to premium seeking European and US consumers. NPD analysis highlighting how to exploit gaps in the market and how to leverage the product attributes that consumers deem the most important. Highlights With 63% Europeans and American increasingly treating themselves with higher quality food or drinks it is no wonder that specialty and gourmet packaged good sales are rocketing. By 2009, specialty personal care sales are expected to exceed US$6.5 billion. Food and drink sales will reach and estimated US$120 billion by 2009.
With nearly 20 billion extra premium indulgence occasions occurring in Europe and the US in 2008 relative to 1998 it is apparent that consumers increasingly enjoy premium products as part of their daily routines. Concurrently perceptions of luxury are changing and with more exposure to higher quality goods consumer expectations are rising.
Premium offerings must be founded upon superior product attributes, especially in light of the 'democratization of luxury'. Five core factors affect consumers perceptions of premium value. Those products scoring highly against these dimensions are likely to be perceived as luxurious thereby increasing willingness to pay.
Reasons to Purchase Mitigate the threats of price discounting and commoditization by identifying what 'premium' means to consumers today and in the future. Access unique data regarding specialty product sales within Europe and the US segmented by sector and country. Improve your marketing by understanding how consumers construct their purchasing decisions around the theme of premium and quality.
