Premiumization and Indulgence across Consumer Goods - TrendSights Analysis 2020

Summary

The effects of COVID-19 will continue to impact consumer perception of value and convenience as the world recovers from the pandemic. Economic uncertainty and personal financial concerns are at the forefront of most consumers' minds. As a result, what they purchase and what they prepare and consume at home is being impacted. Brands and manufacturers have key opportunities to cater for consumers' looking to spend more on products by adding both functional and emotional benefits to their products.

The Premiumization & Indulgence mega-trend captures the impulsive and aspirational behavior of consumers actively seeking higher-priced, often more sophisticated products. The very nature of indulgence brings a heightened sense of enjoyment and excitement to the consumer. This report focuses on how this trend is impacting and influencing consumer's purchasing decisions.

Scope

• Premiumization opportunities center on more functional consumer benefits such as health and convenience.
• Consumers are still willing to pay the price for health and invest in products that offer health and hygiene benefits.
• Indulgence opportunities relate more to emotional consumer benefits providing comfort and enjoyment.

Reasons to Buy

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