Premiumization and Indulgence – Consumer TrendSights Analysis, 2023
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Premiumization and Indulgence – Consumer TrendSights Report Overview
Consumers actively look for better quality, more sophisticated products which are often available at a higher price than their non-premium alternatives to help them relax and provide the feeling of treating themselves after their busy schedules and poor work–life balance.
The “Premiumization and Indulgence” consumer trendsights research report explores how consumers seek premium products in all categories in the market. The trend is a part of the Sensory & Indulgence mega-trend and focuses on how brands provide added value to their premium goods to make them more appealing and sophisticated. The analysis covers what the trend is, why it is important, who is most influenced by it, and how brands and manufacturers can capitalize. The research concludes by identifying where the trend is heading next and how long it will last.
TrendSights: Premiumization and Indulgence
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Key Trend Drivers | • Pleasure Seeking
• Emotional Attachment • Increased focus on health and wellness • Societal changes |
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Premiumization and Indulgence Trendsights - Importance
Consumers look for products and services that will give them enjoyment and pleasure as they want to relax and treat themselves. Additionally, in the wake of COVID-19, they are even more health-oriented and prefer better quality products with beneficial health claims. Meanwhile, when purchasing products for the people they love and care for, consumers seek goods that can be trusted to deliver quality.
Key Trend Drivers in the Premiumization and Indulgence
The key trend drivers for premiumization and indulgence are seeking pleasure, emotional attachment, increased focus on health and wellness, and societal changes.
Societal Changes: There is an emerging trend in alcohol consumption to drink less but better quality. This shift is particularly prominent among younger generations whose relationship with alcohol is weaker and more complicated than for older generations.
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Premiumization and Indulgence – Innovations by Brands
Brands focus on providing added value to premium products to encourage consumers to perceive the products as offering good value for money. To justify a more premium positioning, companies offer additional ingredients, features, and product claims. In the wake of the pandemic, consumers are particularly interested in health and wellness claims as overall well-being has become one of their main concerns. Therefore, buyers look for healthy and natural goods in all categories.
Biotique 24K Gold Concentrate Pure Gold Treatment Oil, India: This oil treatment launched in India claims to contain pure gold in its ingredients. The product’s complex formula is said to rejuvenate skin and the ingredients are said to be specifically selected to “restore vitality, radiance, and freshness”. The oil will appeal to premium-oriented consumers as it is positioned as a sophisticated and luxurious skincare option.
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Premiumization and Indulgence – Future Outlook
In most sectors, consumers consider good value for money to relate to the low price and high quality of a product. Therefore, combining these two features might be a way for brands to reach a wider audience, especially consumers who would like to try premium goods but cannot usually afford the elevated price. As the focus on health is growing, buyers might be more inclined to purchase premium options in categories that directly affect their well-being such as food, household products, and healthcare.
Scope
• In majority of sectors consumers consider good value for money as low price and high quality of a product. Therefore, combining these two features might be a way for brands to reach out to a wider audience – those who would like to try premium goods but cannot afford them at a full price.
• As the health-oriented trend is growing, buyers might be more inclined to purchase premium options in categories which directly affect one’s wellbeing, such as food, household products and healthcare.
• Consumers’ main incentive to seek premium goods is pleasure-seeking, emotional attachments and increased-focus on health.
Key Highlights
- In most of the sectors, consumers consider good value for money as low price and high quality of a product. Therefore, combining these two features might be a way for brands to reach out to a wider audience who would like to try premium goods but cannot afford them at full price.
- As the health-oriented trend is growing, buyers might be more inclined to purchase premium options in categories that directly affect one’s well-being, such as food, household products, and healthcare.
- Consumers’ main incentive to seek premium goods is pleasure-seeking, emotional attachments, and increased focus on health.
Reasons to Buy
- Understand the reasons why consumers look for premium products in the market.
- Identify which product features are perceived as good value for money and when individuals are leaning towards more ‘premium’ options.
- Understand consumers’ plans for purchasing luxurious and expensive goods.
WD-40
Biotique
Moment of Durian Bliss
Chanel
MamyPoko
Neutrovis
Toffee coffee roasters
Table of Contents
Frequently asked questions
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Why do consumers prefer premium products?
Consumers actively look for premium products to help them relax and provide the feeling of treating themselves after their busy schedules and poor work–life balance.
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What are the key premiumization and indulgence trend drivers?
The key trend drivers for premiumization and indulgence are seeking pleasure, emotional attachment, increased focus on health and wellness, and societal changes.
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How do companies ensure that a product has a premium positioning?
Brands focus on providing added value to premium products such as additional ingredients, features, and product claims to justify its premium positioning.
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