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Main Government and Public Sector Social Studies Masstige & Super-Premium Consumers: Attitudes & Buying Habits
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Masstige & Super-Premium Consumers: Attitudes & Buying Habits

DateDec, 2006
Pages40
Price / format$2795 / Online Download
$5590 / Global Site License

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Abstract:
 Introduction

Consumer wealth in real terms is growing across Europe and the US. Changing preferences are creating the ideal conditions for the growth of premium products such as the desire to self-treat, to enjoy better health and to increase 'connoisseurial knowledge'. In the US, the specialty market for food, drink and personal care was worth US$66.9 billion compared with US$32.2 billion in Europe.

Scope
  • Detailed country-by-country analysis and insights into the differences in trading-up behaviors and attitudes by region
  • Quantitative data outlining the current and future value of the specialty product market segments across food and drink and personal care
  • Quantitative and qualitative data on the key socio-economic factors contributing to premiumization
  • Detailed action points offering practical strategies based on the trends and insights analyzed in the report
Highlights

The mass-marketing paradigm is likely to slide into obsolescence as its approach favors over-consumption leading to social health problems. Consumers want a reduced quantity of products with a greater accent on quality. This obvious conflict points to the rise of premium products.

In wealthy, egalitarian societies consumers tend to be less aspirational as many of their needs are met. In such countries consumers tend to focus on the practical and health benefits of a premium product.

Baby Boomer consumers are key targets for premium product marketers as they have rising income from the rising value of property markets and are most likely to appreciate the finer qualities of premium goods.

Reasons to Purchase
  • Gain detailed consumer insight into the attitudes driving the consumption of premium-priced products.
  • Improve your marketing strategy by targeting the most profitable consumers and understand their purchase motivations.
  • Understand the different drivers of premium product purchase by region and how you can best exploit the differences from one country to another.
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Table of contents:
DATAMONITOR VIEW
CATALYST
SUMMARY
METHODOLOGY


ANALYSIS
Rising consumer affluence drives premiumization
Growth in sales of premium products continues but is moving towards maturity
Rising incomes are allowing people to buy better quality products
French consumers are spending their rising income on experiences not goods
Booming economies create significant consumer aspiration
The mass marketing concept is sliding into obsolescence
Consumers realize that quality is now better than quantity
Income complexity has seen consumers alter their behavior to afford better quality goods
Consumers are rewarding themselves and living for today
The hourglass economy is squeezing the middle market
Income is no longer a linear indication of purchase behavior
The impact of socio-economic factors means that premium product growth is not universally high across Europe and the US
Macro economic factors constrain premiumization
Economic stagnation and consumer attitudes are limiting the growth of premium products in Germany
Dutch consumers have been shunning premium products due to a slow economy
Unemployment acts as a financial and emotional barrier to trading-up
Premiumization is slow in egalitarian societies
National character affects premium purchases
French consumers are justifiably known for liking the better things in life
Italian consumers love the good life but are feeling constrained
German consumers shy away from premium indulgence and conspicuous consumption
Modest consumers in The Netherlands value substance over style
Ingrained modesty limits premiumization in Sweden
Spanish consumers are becoming more aspirational as the economy booms
UK consumers are moving into a post-materialist phase with regards to purchasing
US consumers want inspiring, new experiences
Health concerns are a major factor in premium goods consumption
Consumers are willing to pay more for health benefits
Volume driven selling limits long-term profitability and has implications for consumer health
More quality, less quantity is the new mantra (with positive health benefits)
Moderate consumption of premium spirits can reduce binge-drinking concerns
Wine is soaring on the back of fine dining and health perceptions (but not everywhere)
Cocooning is driving premium consumption in the home
Consumers are bringing professional quality home
Entertaining at home is still important for consumers
In many countries homes are partly seen as property investments
Home-owners' dual attachment to their homes is aiding cocooning
Mature consumers are the key premium target group
Baby Boomers have huge spending power and are very demanding
Mature consumers are now more active and more open to change
Seniors consumers are attracted to strong and complex flavors
The meaning of 'premium' risks being eroded
The premium label risks becoming devalued
Premium products exist in a profusion of categories
Familiarity and the passing of time erodes the premium proposition
Premiumization is a bar that is being constantly raised
Conclusions


ACTIONS
Make quality central to all premium products
Quality of ingredients is a must
Geographical provenance is a key opportunity
Convenience and thorough cleansing is a key opportunity in household products
Act on the emerging consumer trends that have potential greatest longevity
Successfully stride the health/indulgence divide
Continually innovate to avoid brand erosion of premium brand values
Think beyond line and brand extensions
New channels must be explored and leveraged
Make image a key focus of marketing
Play to people's changing aspirations
Reinforce brand values with quality packaging
Target consumers with relevant products
Conclusions

APPENDIX
Definitions
Methodology
Further reading
Ask the analyst


List of Tables
Table 1: Specialty products market value (US$ m), US & Europe, 2001-2011
Table 2: Specialty food and drinks market value (US$ m), US & Europe, 2001-2011
Table 3: Specialty personal care market value (US$ m), US & Europe, 2001-2011
Table 4: GDP per capita (US$ m) by country, US & Europe, 2001-2011
Table 5: % Unemployment among under 25 population, US & Europe, 2001-2006
Table 6: Gini coefficient, US & Europe, 2004
Table 7: Behavioralized attitudes to healthy eating and drinking, US & Europe, 2006
Table 8: Behavioralized attitudes to organic food and drink buying, US & Europe, 2006
Table 9: Behavior attitudes to alcohol consumption, US & Europe, 2006
Table 10: Behavioralized attitudes to entertaining at home, US & Europe, 2006
Table 11: Changes in behavioralized attitudes to entertaining at home, US & Europe, 2004-2006
Table 12: Consumers reasons for disliking selected household chores, Europe and US, 2006
Table 13: Definitions of terms


List of Figures
Figure 1: Consumers are seeking professional quality in more of their consumption occasions
Figure 2: Many Seniors' are a perfect fit for premium products
Figure 3: Seniors are open to trying new experiences
Figure 4: Shortened product life cycles are demanding more product innovation
Figure 6: Quality of ingredients is a must and should be used as a key selling point
Figure 6: Single origin products and ingredients are a growing trend
Figure 7: Straddling the health/indulgence divide is a key opportunity in all consumer markets
Figure 8: Many different approaches are available for brand extensions
Figure 9: Branded distribution has the potential to preserve premium brand values
Figure 10: Incorporating consumer-driven content is a key opportunity
Figure 11: Godiva's diverse ranges are defined by their distinctive packaging




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