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TrendSights Analysis: Added Functionality

TrendSights Analysis: Added Functionality

  • December 2016
  • 44 pages
  • ID: 4607233
  • Format: PDF
  • GlobalData

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TrendSights Analysis: Added Functionality

Summary
Consumer desire for new experiences, as well as products that match multiple needs, drives the demand for technological breakthroughs. Technological innovations either maximize the consumption experience, or offer novel, more effective formulations. These features not only help the products to stand out, but also help to encourage consumers to trade-up by adding value to the product.

Added functionality is a part of the Sensory and Indulgence mega-trend, mirroring how modern technology has become an important part of consumption experiences. A core part of this trend is consumers’ desire for novelty in product formulation, packaging, and positioning. Added functionality has many facets: various textures, flavors, functional benefits, and additional consumption enjoyment, the importance of which varies across the product category and consumer demographics. However, the need for Experience Currency — consumers’ desire for products that are more than just fit for purpose — is the main driver of the trend.

Trend drivers
- Tired of plain products, consumers are on the lookout for new experiences
- Technological breakthrough is associated with greater efficacy of product formulations
- Increasing ownership of portable gadgets presents a range of opportunities for manufacturers to add entertainment value to the product

Consumer targets
- Early young adults are the most interested in new experiences when it comes to tobacco
- Women are more interested in added functionality in household care and laundry
- Mid-Lifers and Older Consumers are more interested in functional novelties in coffee

The development of new formulations using scientific breakthroughs that significantly enhance the product’s efficacy; such as formulations of energy-boosting beverages featuring new ingredients ”packed with caffeine”, or requiring smaller quantities of the product, are enhancing the perception of the product’s efficacy. These products appeal to convenience-seeking experiential consumers, who are prepared to trade-up for solutions they consider to save time and effort. Moreover, added functionality is often considered as offering better value, as consumers receive additional properties without the need to buy another product.

The report “TrendSights Analysis: Added Functionality” examines what Added Functionality means as a consumer trend and why it is important, who are likely to be the target audience, how FMCG brands can best capitalize on the trend, and what will be the future outlook for the trend.

Companies mentioned in this report: Coca Cola, Gatorade, Apple, Medea, The Perfume Studio, DrinkBlocks, YumCha Tea Concentrates, Varni Brothers, Daily Serving, CTC-LANKA, Kraft Foods Group, Scholl, Unitrade Merchandise, Rooted Beauty, Handstands, Bolton Solitaire, Ora, Diageo, Pivovarnya Moskva-Efes, China Tobacco Shaanxi, Reynolds American, Frizc Flavor, Mars Petcare US, Pet Head, Honest Kitchen.

Scope
- Modern consumers are attracted to products with additional features and benefits that offer them new experiences.
- New technological advances enable further efficacy and convenience to be added to previously functional products.

Reasons To Buy
- Understand which audiences are most affected by the Added Functionality trend.
- 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 get ahead in Added Functionality.

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