New Food research report from Datamonitor is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 08/06/2013 -- In an ongoing recessionary climate, today's cautious consumers are at their most risk-averse, reverting to the use of products and brands that they know best. Such consumer inertia elevates NPD risk. What is more, with future industry growth hinged on consumers' hunger for innovation, Risk Aversion represents a key barrier to brand success.
Scope of the Report:
- Pinpoint over 40 marketing and innovation "platforms" that can be employed to entice new product trial. See how they relate to "on-trend" examples.
- Explore examples from across the food, non-alcoholic drinks, alcoholic drinks, personal care, household care, packaging, and retail spaces.
- Use a blend of consumer and innovation insight to understand the impact of risk aversion on shoppers' attitudes and buying behaviors.
- Study a sub-trend overview and an examination of six of the most prominent consumer "risk personalities"associated with the Risk Aversion sub-trend.
View Full Report Details and Table of Contents
Across CPG categories, only one in 10 consumers is an "NPD enthusiast." These are consumers that actively monitor new products, which means that the majority of CPG shoppers are generally conservative in their approach to new products. Opening up new areas of interest is therefore a key challenge associated with the Risk Aversion sub-trend.
Consumer conservatism is also underpinned by acute brand loyalty. Over half of global consumers are not willing to compromise on their preferred and trusted food (53%) and personal care (55%) brands. The data confirm the challenge that established brand loyalties present in alleviating perceived risk and driving product trial.
Keywords: Risk Aversion, TrendSights, consumer, innovation, trust, brand loyalty, conservatism, experimentation, Cocooners, Traditionalists, Altruists, Aspirationals, Digital Pragmatists, Bargain Hunters, food, non-alcoholic beverages, alcoholic beverages, personal care, household care, packaging, retail, responsibility, green, NPD.
Reasons to Get this Report
- What are the key mega-trends, trends, and sub-trends that are shaping the consumer and innovation landscape? Where does Risk Aversion fit?
- What is the Risk Aversion sub-trend? How does it impact consumers? What will it mean for core product and marketing innovation in my sector?
- How has the most recent financial downturn impacted consumers' appetite for risk? How should manufacturers look to respond?
- To what extent is consumer conservatism moderated by an inherent desire to experiment and try new products?
- What are the specific NPD and marketing opportunities associated with Datamonitor's six so-called consumer "risk personalities"?
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