Beverage Industry: Experimentation: Consumer & Innovation Trends

• Publication date: April 2012

Brands must stay relevant to consumers over time. This requires understanding their propensity to try new things, and what triggers switching behavior. This research finds that experiences outside of an immediate or known frame of reference are increasingly desired. But choice is also characterized by the careful consideration of risk, and desire to simplify decision making by sticking to routine...

Brands must stay relevant to consumers over time. This requires understanding their propensity to try new things, and what triggers switching behavior. This research finds that experiences outside of an immediate or known frame of reference are increasingly desired. But choice is also characterized by the careful consideration of risk, and desire to simplify decision making by sticking to routinePinpoint over 80 industry ing and innovation 'platforms' that can be employed to entice new product trial. See how they relate to 'on-trend' examplesAccess a unique blend of consumer and innovation insight to understand consumers propensity to experiment and what can be done to better attract themTrend overview and segment specific analysis covering food, non-alcoholic drinks, alcoholic drinks, personal care, household care, packaging and retailA "cosmopolitan mindset" is especially apparent in food choice. It broadens consumers' "sensory repertoire," i.e. exposure to, and acceptance of, new concepts, cuisines, flavors and scents. Globally, 43% acknowledge this by agreeing with the statement, "my taste in food has changed as a result of exposure to foods from other cultures"Simply making good products is not enough anymore to drive growth. This is because consumers connect with products that are, in some way, unique. For long-term growth, CPG industry players must give consumers new reasons to buy. This often depends on factors beyond core product features. Industry ing innovation can spur a re-evaluation of preferences70% of global consumers say experiencing new things is important to them. Novelty offers a pleasant escapism, or reward. Such sentiment makes consumers more eager to branch out from their routine, and experiment with new and unusual sensory attributes (i.e. flavors and scents). Indeed, "new world" quality cues put more emphasis on novelty.To what extent to do global consumers experiment and show interest in new products across the major FMCG segments ?What is the 'Experimentation' sub-trend? How does it impact consumers? What will it mean for core product and industry ing innovation in my segment ?What is the balance of consumer opinion towards a range of 'Experimentation' influencing issues? How does it vary by country and demographics?What are the key mega-trends, trends, and sub-trends that are shaping the consumer and innovation landscape. Where does 'Experimentation' fit?

Beverage Industry

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CMS Energy Corporation