Consumers also have high levels of self-entitlement and turn to high quality products on a regular basis for reward and treating purposes as a way of coping with the pressures of everyday life. There is a desire for high quality and premium products. Consumers are now associating premium with a wider array of product attributes.
The concept of quality is evolving, so how can brands offer quality indulgent products in 2020?
FMCG Gurus consumer insights show that consumers are still prioritizing taste when it comes to indulgent moments.
Although consumers are becoming more health conscious and aware of their dietary needs to live a healthy lifestyle, many people still do not check nutritional value when it comes to moments of indulgence. In fact, 54 percent of global consumers state they like to enjoy moments of indulgence where they pay no attention to nutritional content, according to consumer insights from FMCG Gurus show.
Flavor and taste are key for consumers in moments of indulgence, as 54 percent claim to be adventurous when trying new food and 57 percent have become more experimental with flavors in the last 5 years.
This highlights that consumers want to try new exotic flavors and are open to new experiences. One key flavor trend consumers are seeking is hot and spicy. Specifically, FMCG Gurus consumer research shows that 58 percent of consumers say they like hot and spicy flavors.
Global to Local
Consumers are recognizing the link between their food and drink and the impact it has on the earth.
Consumer insights show that 63 percent of global consumers are currently concerned about the state of the environment and are looking at new ways to help improve this. Going global to local is one way in which consumers are trying to be more sustainable.
They are now looking for products they deem to be green and clean something local brands can help facilitate. Local brands can benefit from this as FMCG Gurus market research shows that 41 percent of global consumers say they would be willing to pay a premium price for products that are minimally processed.
Consumers deem themselves to be impulsive and like to treat themselves to higher quality products. FMCG Gurus consumer insights show that 62 percent of global consumers say they would be happy to spend extra on a grocery product if I think it offers extra quality. But what makes a product better quality. Consumers state they would be likely to trade up for products that offer:
- Great Taste (58 percent)
- Is Natural (56 percent)
- Offer Nutritional Value (49 percent)
FMCG Gurus top trend, Simplify Me, suggest that consumers want fewer ingredients in products. Consumer insights show that 52 percent said products with fewer ingredients are perceived to be better quality. Consumers are actively looking for products that offer fewer ingredients, however find this hard. This is highlighted as 44 percent of global consumers think nutritional labeling is complex and would like it to be more transparent and 53 percent believe brands often try to disguise how many bad ingredients are in a product.
Due to consumers not wanting to compromise on taste and indulgence, brands must offer conveniently nutritious products that have functional benefits and offer new exotic flavors. This will allow consumers to still enjoy great flavors and feel like they are not sacrificing moments of indulgence.