New Ventures Consumer Insights

Trend - Thanks to their flexibility, food trucks are alleviating the economic stress for consumers and businesses during the pandemic. While designers are envisioning how mobile concepts can help restaurants struggling during COVID-19, charitable food trucks are supporting local communities.

Insight - Business owners are struggling financially to keep their business afloat, while others are looking for ways to support neighborhoods in need. As a result, many are looking for new ways to reach customers or pay it forward during the COVID-19 pandemic. In this space, individuals are prioritizing flexible and safety-focused solutions because they are aware that full compliance with the government-imposed restrictions will enable consumers and employees to feel more comfortable and secure.

Trend - Whether it is in the form of therapy, a branding technique, or a product/experience, companies are increasingly exploring the potential of magic mushrooms or truffles in the context of the contemporary market. These experiments are conducted legally and entrusted to the guidance of experienced professionals.

Insight - Openness to new experiences is something that contemporary consumers are attuned to—especially individuals who are part of the Millennial and Gen Z demographics. Many seek out ways to satisfy their growing curiosity and this is made possible in various industries thanks to the rich, unique, and diverse product offerings. In this space, individuals are expanding their sense of adventurism and are, therefore, creating a demand for increasingly daring and impactful experiences.

Trend - As the travel industry looks for ways to recover, some airlines are opting-in to recreate the in-flight dining experience. While some are offering aircraft-themed diners, others are boasting produce or in-flight meal deliveries.

Insight - As the pandemic continues, contemporary consumers are looking for ways to diversify their time, both at home and outside. For many, novelty plays a strong role here. Embarking on a new experience—even a familiar one in a new setting—enables individuals to be entertained and distracted from their day-to-day reality. This results in them feeling less stressed and even a bit nostalgic about the things they enjoyed pre-pandemic.

Trend - Companies across industries—from restaurants to airlines—are considering and launching rapid COVID-19 tests as a service to their guests. Given the limited availability of these tests at the moment, the option remains rather exclusive and available to higher-paying customers.

Insight - Consumers are eager to resume their normal lives, however, certain liberties—like dining out at a restaurant or travelling by air—carry substantial risks for their health. Conscious about the implications of their actions in the age of COVID-19, many are striving to place a premium on personal wellbeing and that of others. As a result, consumers are considering the hygiene and safety guidelines that each business follows. This, in turn, informs their level of comfort and allows them to make a calculated risk.

Trend - Auto brands are having an effect on the aesthetic and functional decisions in architecture and interior design projects. While some car companies are directly partnering with an architectural practice, others are serving as a strong point of inspiration.

Insight - When it comes to their lifestyles, contemporary consumers are always looking for ways to instill equilibrium and be consistent—whether that is about balancing work and play or facilitating stronger connections between their personal preferences. As a result, many are placing an emphasis on aesthetics as a means of remaining "on-brand." This, in turn, allows individuals to be more confident in their self-expression.

Trend - Live probiotics are known to promote a healthy gut bacteria balance, contributing to digestive health, immune function, and more. While before, businesses were betting on alcoholic kombucha as a health-focused alternative—now, alcohol brands are expanding to other formats.

Insight - Aware that the increasing demands of everyday life in the digital age can take a toll on one's health, the contemporary consumer continues to advocate for and embrace wellness. This movement has permeated all facets of one's lifestyle—from self-care rituals to entertainment activities. Individuals are looking to strike a balance between their enjoyment and a more holistic approach to health, which results in a demand for more wellness-conscious products across all industry categories.

Trend - Fine dining restaurants are continuing to adapt to the government-imposed restrictions due to the COVID-19 pandemic. While before, these businesses were often at-home meals and virtual dining, now they are boasting immersive drive-thru experiences.

Insight - Due to the outbreak of COVID-19, consumers are forced to continuously place limitations on their lifestyle—from work-related events to their entertainment choices. As time goes on, however, some become restless and even nostalgic about the activities that they enjoyed pre-pandemic. In light of this, individuals are looking to diversify their experiences and indulge in something that was available to them before, while maintaining rules of social and business conduct during COVID. This affords them peace of mind.

Trend - Fashion designers have often worked with furniture brands on special home decor collections and today, the inverse is also gaining in popularity as some homeware companies are launching their own apparel collections—either independently or through a strategic partnership—or immersing themselves more into the fashion world.

Insight - Today, contemporary consumers are having an abundance of choice in every product category and this allows many to make purchasing decisions based on their personal preferences. In this space, many emphasize aesthetics, in particular, and they often turn to items that are considered to be novel. This stems from an individual's desire for uniqueness as this allows one to feel more interesting and confident in their self-expression.

Trend - Food and beverage brands are launching unconventional products that are inspired by breakfast. Ranging from popular dishes that are reimagined for the first meal of the day to outlandish offerings that capture attention, companies are looking to tap consumers' strong appreciation for breakfast.

Insight - In today's market, the variety of choices is more rich and diverse than ever before and contemporary consumers are taking note of this. In this space, novelty becomes a key driving force of purchasing decisions as many consumers tap their adventurous spirit and look for more unconventional options when shopping. Not only does this satisfy a sense of curiosity, but it also plays into a desire to be entertained in an accessible way through experiences.

Trend - Companies are launching special drive-in experiences for events that were previously enjoyed in person. Since it offers little to no physical contact, this form of entertainment is being revisited during the COVID-19 pandemic and will potentially be deployed after lockdown measures are fully lifted by the government.

Insight - Government-imposed lockdown measures have restricted entertainment to the home environment and as time progresses, the consumer desire to diversify their experience and share it with a crowd—a feeling all too familiar prior to the COVID-19 outbreak—grows. Mindful of the safety measures and physical distancing rules they have to abide by, individuals are looking for ways to indulge in entertaining experiences without compromising their health or that of others.