Fluid Situation: How Consumer Behavior is Influencing the Beverage Market
Younger generations continue to evaluate products via more dimensions than ever before.
In fact, taste and compelling packaging may not be enough to maintain consumer interest. Rather, shoppers now are considering and assessing the product experience, the ethos and values of brands, and the community they may become a part of as a loyal follower or early adopter.
This holistic outlook—coupled with significant spending power (last estimated to be $2.5 trillion across Millennials and Gen Z)—will influence how companies approach innovation and the multi-faceted benefits many need to deliver, especially as personal and planet health are top priorities for these consumers.
These values are reflected in Innova Market Insight’s 2021 Global Lifestyle & Attitude Survey, as 43% of consumers are actively attempting to reduce waste (planet health) and 32% are taking action to eat in moderation (personal health). While both concerns are not necessarily novel, the pandemic has played a significant role in amplifying the interconnected nature of the world, has brought the conversation about health and wellness to the forefront and of course has changed consumer behavior, likely forever.
Read the full article on Prepared Foods.