06 Jul 2017
Posted in Press Release
Millennials are the most experimental consumers, with seniors least likely to try new products
The older we get, the less likely we are to want to experiment with novel flavors and fragrances, according to GlobalData, a recognized leader in providing business information and analytics.
The company’s latest report states that younger consumers are the most experimental demographic, with GlobalData’s survey data showing that nearly four out five millennials globally say they enjoy experimenting with foreign products. This trend declines with age, with just 57% of those in the older “silent generation” (those born between 1925 and 1945) agreeing.
Source: GlobalData Q3 2016 global consumer survey
Melanie Felgate, Senior Consumer Analyst for GlobalData, comments: “Millennials are more open to new and innovative concepts, indicative of wider exposure to foreign cultures and products from an early age compared to their senior peers.”
Curiosity has emerged as the key driver of appetite for new flavors and fragrances, further fed by higher exposure to the technology.
Felgate continues: “Millennials are digital natives with a curiosity easily piqued by unusual things seen online and in social media. While older consumers are more likely to try new flavors or fragrances produced by brands they are familiar with, millennials are less loyal and more easily swayed by influences such as the media or recommendations by friends.”
Experimental consumers appreciate products which deliver an element of surprise, such as a unique twist on a popular flavor. The recent launch of cinnamon-flavored Pepsi Fire in the US, for example, offers an unusual take on the traditional cola flavor, which will entice more experimental beverage drinkers.
This willingness and desire to experiment creates opportunities for brands to “premiumize” by offering something innovative and unusual which consumers are often prepared to pay a premium price for.
CLRCFF Clear Coffee, for example, a coffee product recently launched in Slovakia and the UK, stands out from rivals thanks to its eye-catching clear color and packaging. The brand claims the color addresses teeth staining concerns associated with traditional coffee drinking, while also offering something surprising and unique.
Felgate notes: “Younger people are also more experimental when it comes to innovative concepts such as 3D printing or virtual reality dining experiences, highlighting future opportunities for fast-moving consumer goods (FMCG) brands to capitalize on this lucrative generation going forward.”
– Information based on GlobalData’s report: TrendSights Analysis: Experimentation – Tempting consumers with unique, inspiring and exciting products