Easy and Affordable – Consumer TrendSights Analysis, 2023
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Easy and Affordable – Consumer TrendSights Report Overview
The easy & affordable consumer trend remains the second most influential mega trend, maintaining stability in 2022 after gaining significance in Q1. It is driven by consumers’ desire to optimize time and money without compromising on quality. Consumers are actively looking for the most cost-effective and valuable purchasing options, especially in light of the cost-of-living crisis, which has caused consumers to reassess purchasing preferences in accordance with more important demands.
The easy and affordable consumer trendsights research report will help to recognize core drivers of the market shifts and how these are likely to play out in the future from a consumer insight perspective. Furthermore, relevant case studies will allow readers to learn from and apply lessons discovered from key developments in the market.
Key Trend Drivers | • Cost-of-Living Crisis
• Availability Of Solutions • Access to Information • Enhanced Personalization Facilitating Convenience |
Key Sectors | • Packaged Food
• Pet Products • Babies’ and Children’s Products • Household Care • Personal Care • Alcoholic Drinks • Non-Alcoholic Drinks • Others |
Key Innovation Segments | • Innovations in Value for Money
• Innovations in Added Functionality of Products • Innovations in Next-Generation Shopping |
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Key Consumers in the Easy & Affordable
To appeal to a wide consumer base brands need to emphasize generational differences by considering diverse value perceptions and balancing affordability and convenience. Additionally, addressing financial and inflation concerns by adapting products, offering affordable options, promoting private labels, and providing discounts in high-concern regions will also help these brands get a competitive edge in the market.
Key Trend Drivers in the Easy & Affordable
The key trend drivers are the cost-of-living crisis, availability of solutions, access to information, and enhanced personalization facilitating convenience.
Enhanced personalization facilitating convenience—The demand for products and services that can align with consumers’ personal situations and lifestyles allows brands to target specific consumer needs effectively.
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Key Sectors Overview in Easy & Affordable
The key sectors in the easy and affordable are packaged food, pet products, babies and children’s products, household care, personal care, alcoholic drinks, and non-alcoholic drinks among others.
Relevance in Packaged Food: Amid economic uncertainty, consumers are increasingly prioritizing value-for-money in the packaged food sector. High-quality products and ingredients are essential across all categories, with dairy and bakery, cereals, and morning goods being particularly significant. Brands can capitalize on this trend by emphasizing ingredient quality and highlighting the value of their offerings in terms of both taste and nutrition. At the same time, providing affordable options that cater to cost-conscious consumers is crucial, especially in popular categories like dairy and savory snacks. By striking a balance between quality and affordability, brands can appeal to a broad range of consumers seeking value for money in their packaged food choices.
Relevance of Trends by Sector
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Key Factors Affecting Easy & Affordable
The key factors affecting easy & affordable are socio-economic shifts, rise of private label, and ease of fulfilment among others.
Socio-economic shifts: Brands can leverage the inverse relationship between employment rates and inflation concerns for business strategies. In 2022, consumer financial concerns were prevalent, with many of them extremely concerned and quite concerned about it. Europe, with the highest employment rate, shows most people are extremely concerned about inflation, whereas Asia & Australia have the lowest inflation concern. This inverse correlation suggests that higher employment may alleviate inflation-related anxieties. Businesses can leverage this insight by adopting a targeted approach and adjusting their offerings and marketing strategies according to regional employment trends.
Key Innovation in Easy & Affordable
The easy & affordable consumer trendsights analysis report covers innovations in value for money, added functionality of products, and next-generation shopping among others.
Innovations in value for money: Brands are maximizing savings with smart deals to entice consumers with value-oriented offers. For instance, Boots value packs in the UK. The company delivers value for money through its value packs and bundles. These packs include a variety of products across health, beauty, vitamins, and baby essentials. By offering supersize packs, Boots ensures that customers can enjoy their items for longer periods, maximizing cost efficiency. Emphasizing affordability, Boots’ value packs and bundles cater to those seeking high-quality products without the hefty price tag.
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Scope
• In 2023, the Easy & Affordable trend is mainly driven by macroeconomic uncertainty and the cost-of-living crisis, as consumers are forced to put affordability at the forefront of their purchasing decisions, to decide how they can best achieve value for money.
• Other core drivers include the accessibility of information and solutions to provide consumers with the easiest option to find low prices, the ease of gratification with the rise of ecommerce, and innovation from brands to cater to these needs.
Key Highlights
- In 2023, the Easy & Affordable trend is mainly driven by macroeconomic uncertainty and the cost-of-living crisis, as consumers are forced to put affordability at the forefront of their purchasing decisions, to decide how they can best achieve value for money.
- Other core drivers include the accessibility of information and solutions to provide consumers with the easiest option to find low prices, the ease of gratification with the rise of ecommerce, and innovation from brands to cater to these needs.
Reasons to Buy
- Consumer insight focused analysis of the Easy & Affordable mega-trend in the consumer sector and what it means for operators as well as the market as a whole.
- Learn about core drivers of the market shifts and how these are likely to play out in the future from a consumer insight perspective.
- Relevant case studies will allow readers to learn from and apply lessons discovered from key developments in the market.
Omo Para
McDonalds
Abbot
Miniso
Ka
Mashgin
Co-op
Woolworths
Mcaffeine
Carnation
Isey
Haringtons
Wattie's
L'Oreal
Lab Weston
Wasabi
Table of Contents
Frequently asked questions
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What are the key easy & affordable trend drivers?
The key trend drivers impacting easy & affordable across the consumer and innovation landscape are cost-of-living crisis, availability of solutions, access to information, and enhanced personalization facilitating convenience.
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Which are the key sectors relevant in the easy & affordable trend?
The easy & affordable trend has high releavance in packaged food products, pet products, babies’ and children’s products, household care, personal care, alcoholic drinks, and non-alcoholic drinks among others.
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What are the key innovation segments in easy & affordable trend?
The easy & affordable consumer trendSights analysis report covers innovations in value for money, added functionality of products, and next-generation shopping among others.
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