Stay Abreast of Consumer Trends

June 2009 by Sal Pellingra

multipage

This seems to be a common problem: we've got less money, and less time, but we want more value, higher quality, and we want it now. Good business is often reading consumer trends and forming a strategy that targets growth in key technologies and market segments to capitalize on these trends.

As packagers and package printers, we need to be in tune with trends and changes in buying habits in order to remain successful. Often, what has brought you to a place of success today will not continue to bring you success in the future. Manufacturers must be familiar with consumer trends to ensure product offerings, packaging features, and marketing messages are changing as consumer buying habits change. Right now consumers are looking for products that more or less encompass three major areas: time-saving, lower cost, and improved quality of life.

Time-saver products are an obvious trend. As more and more activities compete for our time, we are drawn to products that minimize this precious resource. The recent growth of frozen microwaveable and "steamable" products is a primary example. Other time-saving trends in packaging are easy-open, quick cleanup products, recloseable products, individual use packets rather than bulk, compact storage, or easily transported packaging. All of these are designed to make meal, snack, or cleanup time quicker and more effortless for the consumer. Cans, now considered "old technology," are being forced to change. Can openers are becoming a thing of the past as pull tabs become more pervasive. Older formats like cans and glass will continue to struggle to conform to new-generation buying habits. All of these are reasonably successful products capitalizing on the consumer's desire for high quality, time-saving solutions.

Time saving is important even in retail stores. Studies have shown the consumer will take between 3 and 6 seconds to choose a product. Think about that. In the sea of similar products, only a few seconds separate competing brands.

Another current trend is lower cost. With savings and 401(k) accounts in the dumpster, consumers have become tighter with their money. What has suffered? It's easy to see that the auto industry has suffered. Retail stores and restaurants are also among those suffering from the lack of spending. Consumers still enjoy the same types of products, but costs force changes in spending or buying habits. An example is the change in the frequency, location, and types of restaurants consumers visit during economic downturns.

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