I truly love reading consumer trend reports. I love seeing what people are interested in and what they think are the most important aspects of their purchases. Do they place price ahead of health benefits, or are they looking for something to help them feel better regardless of the cost? It’s fascinating to compare the results to my own values when it comes to both flavor and fragrance products. I want to see how my views stack up with the rest of the world. When it comes to my purchases, I just want the most bang for my buck. I want to get the most out of a product that it can offer, and I don’t think I’m alone in this sentiment.
Consumer market research is at the heart of all product development, whether it's a new canned coffee with energy-boosting ingredients or a trendy perfume. Developers need to be aware of what consumers are looking for and how they are responding to certain trends in the industry. Without this knowledge, a brand is flying blind into the market.
And consumer preferences when it comes to ingredients are shifting. Consumers want organic and sustainable ingredients used in their favorite products, especially those in the younger generations. They feel a responsibility to help the planet through their purchases.
But price is still the main influencer of purchases, as the effects of inflation can still be felt. Budgets are tighter, so consumers are looking for that magical quality in their products: value. Are they getting their money’s worth when they buy a perfume or a body wash or a new flavor of ice cream? Was this worth spending their precious dollars?
Value has been a buzzword for the last year or so, and I don’t think that is going away. Consumers want to get the most value out of their purchases. So flavor and fragrance companies need to deliver on this promise of getting more value out of their products.
