Personalization - Consumer TrendSights Analysis, 2023

Personalization - Consumer TrendSights Analysis, 2023

Summary

Personalization is one of the 63 sub-trends that GlobalData covers as part of our TrendSights series of Consumer Insight studies. The analysis covers what the trend is, why it is important, who is most influenced by it and how brands and manufacturers can capitalize. The research concludes by identifying where the trend is heading next and how long it will last.

Personal care, alcoholic beverages, and household care target specific lifestyle groups with functional offerings. These brands are targeting specifically younger generations by highlighting specific solutions (e.g. religion and gender profile). Food, foodservice, and drink brands target particular lifestyle groups due to their growth potential. This includes targeting specific dietary preferences and social communities.

Scope

• Brands are introducing more specialized and differentiated products to optimally cater to different age, gender, and ethnic groups, as well as the lifestyle benefits sought by more demanding consumers.
• In 2022, the food sector held the highest value market share in terms of the product specificity trend. In fact, it was responsible for more than half (58%) of the trend's sales.
• Non-alcoholic beverages witnessed the fastest growth with a 2018-22 value CAGR of 3%.

Reasons to Buy

• Consider emerging opportunities and threats in the fast-moving consumer goods market and gain insight into potential future consumer behavior.
• Identify interesting new and emerging concepts, products, and ideas on offer in retail, foodservice, online spaces, and beyond.
• Understand how new concepts and ideas fit into-or challenge-current consumer trends.
• Gain insight and inspiration for innovation programs and new product development.