Time Scarcity – Consumer TrendSights Analysis, 2023

Time Scarcity – Consumer TrendSights Report Overview

Time-saving propositions manifest differently for different product categories, depending on how the product is consumed or used, and the desired outcomes. For instance, in the personal care sector, new formats and formulations are making out-of-home personal grooming routines more efficient and effective. Similarly, in the beverages industry, instant drink mixes are expanding to facilitate a broader range of at-home or on-the-go beverage experiences.

TrendSights: Time Scarcity

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Time Scarcity is one of one of the 63 sub-trends in GlobalData’s TrendSights framework. The “Time Scarcity” consumer trendsights research report defines the trend, its importance, and its impact on consumer behaviour. The report further illustrates relevant consumer trends and attitudes that drive and support innovation success to identify the factors impacting the industry.

Time Scarcity Trendsights - Importance

The perception of time scarcity has elevated the importance of features that save time and minimize effort. In addition to evaluating factors such as a product’s health credentials, ingredients, and flavors, and price, consumers are also interested in the extent to which a product can help them save time.

A significant percentage of consumers consider convenience to be “essential” when making a purchase, while slightly fewer share the same sentiment about time-saving benefits. Notably, even more important is that the product’s ease to use, which suggests that consumers not only want products to save time, but also want the product consumption or usage experience to be simple and ideally even enjoyable.

Key Trend Drivers in the Time Scarcity

The desire to increase leisure time, financial pressures and economic anxiety, age of connectivity, pursuit of simplicity, and blurred work-life balance are some of the factors driving the time scarcity trend.

For instance, the COVID-19 pandemic-induced dilemma of when exactly work time begins and ends each day fuels an “always on” mentality that exacerbates perceived time pressures. Likewise, rising costs can heighten pressure to work longer hours, which in turn limits opportunities for other valuable and more enjoyable activities.

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Time Scarcity – Innovations by Brands

Some consumers recognize that time-saving products also offer superior value. Brands must understand how consumers define value for money. Consumer dependence on devices is poised to continue, with consumers who intend to continue or increase their online shopping time outnumbering those who intend to decrease it. More time online is both a driver and a result of perceived time scarcity

Maltesers Vegan – Instant Hot Drink, UK: Following the successful release of Galaxy Vegan Hot Chocolate, Mars Chocolate Drinks and Treats launched an instant hot chocolate inspired by Maltesers. The instant powder requires only the addition of water to create the creamy drink achieved with no dairy in the formulation. It was launched in time for Veganuary, an annual UK initiative that seeks to promote veganism by encouraging consumers to follow a vegan lifestyle for the month of January.

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Time Scarcity – Future Outlook

The COVID-19 pandemic completely transformed how consumers view, allocate, and value their time. The greater incidence of remote working for example, made grab-and-go breakfasts and desk lunches less frequent, arguably affording consumers some time back to enjoy for themselves. The future of convenience in the context of consumer goods does not sit with grocery, food, or convenience retailers, but rather with technology companies. Consumers will not necessarily prioritize time above all other factors when making purchases, regardless of how busy they are. In fact, simplicity is generally deemed more important than simply saving time.

Scope

1) The COVID-19 pandemic completely transformed how consumers view, allocate, and value their time. The greater incidence of remote working for example, made grab-and-go breakfasts and desk lunches less frequent.

2) The future of convenience in the context of consumer goods does not sit with grocery, food, or convenience retailers, but rather with technology companies.

3) Consumers will not necessarily prioritize time above all other factors when making purchases, regardless of how busy they are. In fact, simplicity is generally deemed more important than simply saving time.

Key Highlights

• The COVID-19 pandemic completely transformed how consumers view, allocate, and value their time. The greater incidence of remote working for example, made grab-and-go breakfasts and desk lunches less frequent.
• The future of convenience in the context of consumer goods does not sit with grocery, food, or convenience retailers, but rather with technology companies.
• Consumers will not necessarily prioritize time above all other factors when making purchases, regardless of how busy they are. In fact, simplicity is generally deemed more important than simply saving time.

Reasons to Buy

• Understand the relevant consumer trends and attitudes that drive and support innovation success you can tap into what is really impacting the industry.
• Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
• Access valuable strategic take-outs to help direct future decision-making and inform new product development.