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Early Signals: future scenarios that will drive consumption and product innovation over the next five years

  • September 2014
  • -
  • GlobalData
  • -
  • 226 pages

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Summary

“Early Signals: future scenarios that will drive consumption and product innovation over the next five years” provides a tool kit for understanding how tomorrow’s market will differ from today’s by analyzing 14 unique scenarios. The likelihood of occurring, impact on business practices, and potential value of each scenario is quantified. This provides a clear, concise and compelling argument for how the market will change, and why.

In addition, the key consumer groups and most likely early adopters are identified for each scenario, helping companies identify who they need to target to make the most of these future opportunities. These 14 scenarios are based on 50 early signals of change in consumer behavior that will drive deep, structural changes in consumer markets in future, as identified by Canadean’s team of global industry experts.

Key Findings

• Reverse innovation and a new wave of emerging economies will arrive, including Africa and the Far East. Successfully targeting the early adopters of this scenario will be worth up to US$1.7 trillion across consumer markets worldwide by 2018. While no single company will take a complete share of this opportunity, this figure highlights the maximum potential value of changes to consumer behavior as a result of this scenario across countries and consumer markets
• Technology will have a greater influence on shopping habits and choice of channels. Increasing automation of retail will breathe new life into vending machines, discounters will take a growing share of online retail, and technology will help consumers make healthier consumption choices. This scenario has a high likelihood of occurring, but will only have a moderate impact as consumer industries are already gearing up for more technologically-minded consumers
• The issue of transparency will reach a tipping point, as consumers become "anti-big". Consumers will prioritize "smaller" brands which they associate with artisanal production techniques, better quality and greater levels of trust, and the desire for consumers to be "closer" to their food and drink will intensify. The key consumer groups for this scenario will be highly educated, affluent women living in urban environments
• Resource scarcity will intensify and sustainable behavior will become more noticeable. This includes the growing prevalence of artificial food, the effects of dwindling resources on cooking habits, and how “less is more” packaging will become the norm. However, this is the least valuable of the 14 scenarios analyzed by Canadean, worth US$133 billion by 2018

Synopsis

“Early Signals: future scenarios that will drive consumption and product innovation over the next five years” identifies the early signals which point to how rapidly changing consumer behaviors will look in future. The rapid pace of change in consumer habits is putting the new product development process under pressure, as companies struggle to adapt to the pace of change. This makes early identification of key opportunities crucial to developing products that meet consumer needs, when and how they want them.
In particular, this report includes:

• Canadean has identified 50 early signals which provide clues as to how consumer habits will change; these have been classified into 14 scenarios
• Each of the early signals explored in this report is related back to Canadean’s trend framework, helping readers to better understand consumers
• The early adopters of each scenario are identified using Canadean’s trend framework and unique consumer data. This allows the value of successfully targeting these early adopters across Food, Soft Drinks, Alcoholic Drinks and Cosmetics & Toiletries in 2018 to be calculated
• Case studies of innovative products show how manufacturers are already taking advantage of these early signals, targeting the niches that have already emerged and positioning themselves for growth as these early behaviors mature and expand.

Reasons To Buy

• This report allows marketers to future-proof their new product development process by identifying the key changes in consumer behavior over the next five years
• Marketers will also be able to identify key consumer targets for each future scenario
• Understand how key trends such as health, technology, and ethics will evolve, and how best to target them
• Learn from the most innovative product development and marketing strategies

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