As the saying goes, “the sky’s the limit.” When it comes to the beverage market and introducing new products, that saying certainly holds true. However, beverage-makers aren’t just expanding their year-round portfolios to capitalize on their limitless potential, but also are taking a much more “limited” approach.
According to Ilana Orlofsky, marketing coordinator for Niles, Ill.-based Imbibe, seasonal and limited-time offer (LTO) products are experiencing trajectory growth.
“Mintel’s projection is [a] $3 billion increase from 2015 to 2017,” she says. “Seasonality that limits the availability of an offering is one way that consumers understand premiumization. There’s also an ingrained sense of FOMO — fear of missing out — in many of today’s consumers, especially with the accelerated rate at which experiences are shared. In addition to increasing sales, by including LTOs in their portfolios, brand owners can address product fatigue with their current customer base while also attracting new customers with a novel offering.”
