Trend Sights Analysis: Product Specificity; Addressing the consumer need to share products, services, and experiences

Published: August 2016
No. of Pages: 45
    ReportsandReports

Summary

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.

Key Findings

  • "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.

Synopsis

"Trend Sights Analysis: Product Specificity" looks at responding to the need to share products, services, and experiences online and offline.

Your key questions answered:

  • How relevant is Product Specificity to my market?
  • What does Product Specificity mean to my category?
  • What are the different facets of Product Specificity?
  • How can I address consumer demand for greater personalization using more specific product attributes? What are the innovation implications?

Reasons To Buy

  • Gain insight into the four different personalization routes for meeting demand for Product Specificity and the key consumer drivers that underpin this.
  • Compare the presence of this trend in each industry across the FMCG space, and learn what the key opportunities are.
  • See the actions that major brands are taking to capitalize on Product Specificity.

Published By: GlobalData
Product Code: Canadean12238


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