The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Alcohol as a sector is highly mature, with stable categories, but a vast choice of individual products. This maturity, along with the relative conservatism in the category, makes innovation difficult as it breeds a certain amount of resistance from consumers. At the same time, changing day-to-day realities of fast-paced, time-poor lifestyles, and a key focus on health and wellness, is making alcohol less and less convenient or desirable as a regular feature of consumers’ behavior.
A tension exists in alcoholic drinks between consumers’ established preferences and market norms, and openness to innovation and products that cross traditional category or flavor lines. Creative and edgy innovation works best when it retains a connection to the familiar, allowing consumers to experiment and try new things, but with a degree of confidence.
- Climate change and the unpredictable effects this is having on the supply chain is actually undermining regular and sustainable approaches to production and consumption. This will force change in available products.
- As demand for new experiences and nuances are fueling experiments in formulation and flavoring, cross-breeding categories, the latest influence appearing in alcohol is coffee.
- AR technology in labeling is providing new ways to build relationships with consumers and shared experiences that harness mobile technology for storytelling purposes.
- Health is becoming an influencer on alcohol NPD as consumers seek to sustain alcohol consumption within the context of healthier lifestyles.
Reasons To Buy
- Identify the reasons underpinning consumers’ inclination to purchase specific alcoholic drinks.
- Gain insight into the key consumer trends that are most likely to drive innovation.
- Put innovative products into context by connecting them to specific consumer trends and preferences.