New Ventures Consumer Insights

Implications - Social retail went from Tupperware parties in the 90’s to Taser and Botox parties in 2008. Now people are turning to both friends and strangers on the Web to buy and sell gold, jewelry and even hair in these tough economic times. At the same time, online swaps and exchanges are also rising.

Implications - How does one get innovative with cocktails? How about garnishing them with thousands of dollars’ worth of diamonds and gem stones? Then there are inventive blends like the Japanese 'mayogarita,' and themed drinks like those from the Stock Market Cocktail Bar, which are named after businesses on the London Stock Exchange. Consumers are constantly searching for unique and memorable experiences in all aspects of their lives. How can your product or industry create such an experience?

Implications - Description
Champagne has long been a symbol of luxury and indulgence, two of the most yearned for product traits of the past year. Trend Hunter has featured everything from opulent champagne bottles and accessories to $11,000 bottles of Dom Perignon and edible hibiscus flowers that add to the lavish experience.

Implications
The number of high-net-worth North Americans has grown exponentially in the past few years, and so has the demand for luxury products. It’s important to note that these items aren’t just sought after by “old money” – they’re also popular with “emerging affluents” in the Boomer and Generation X segments.

Implications - Bigger companies are branching out by offering a wider range of products, and many of these products are often unrelated to their original offering. This approach has enabled companies to further cement their relationship with their brands’ devotees as well as expose it to a wider audience.

Implications - Supplementing with oxygen has emerged as one of the most interesting health trends. Oxygen has been shown to increase energy, a desirable trait among those reliant on artificial stimulants for vigor. Most of these products are considered holistic, a choice most consumers prefer over synthetic tonics. Major innovations include oxygen bars, personal oxygen chambers for the home, and portable oxygenated stimulants.

Implications - Now you have a great excuse to eat chocolate – it’s good for your health. Companies in the food industry are improving consumer appeal by promoting health benefits associated with their products. A great example is SmartChocolate, which is touted to relieve premenstrual syndrome and associated cramps. Likewise, beauty and pharmaceutical companies are leveraging their allure by integrating edible favorites such as chocolate.

Implications - Pet owners continue to identify with their pets or treat them like real children. A former celebrity hair stylist created her own line of wigs for dogs in a variety of styles. Gucci launched a doggy backpack. New York City played host to a Pet Fashion Week, complete with canine runway models. The multi-billion dollar pet industry shows no signs of losing demand, with pet owners spending increasingly more on fashion and luxury items. It's a good time to see if any of your products or services could extend to the four-legged set.

Implications - Collaborating with an already well-recognized brand benefits both parties. The best collaborations are usually between two companies producing similar products but reach different audiences. For example, high-end fashion designer Emilio Pucci lent his brand to the relatively more affordable Seven For All Mankind denim in order to reach a younger demographic. Likewise, two companies targeting the same demographic, yet offering varied products, can also enjoy success.

Implications - Consumers have become so accustomed to multi-tasking that many now expect the products they consume to offer multiple uses as well. Dozens of new products are touting their ingredients as beneficial to one's health, such that food without function or beauty products that don’t have alternate benefits are becoming a thing of the past. For established brands, this is an innovative way to diversify their product categories.

Implications - Consumers are consistently hunting for novelty and ways in which they can impress other members of society with their courage. Catering to this desire are Asian food products that incorporate odd pairings, the result being unique products that would be considered strange in Western culture. Examples include crackers with wasps in them; ice cream in vegetable, jelly fish, squid gut and charcoal flavors; and salad-flavored water.