Companies are launching affordable versions & features of their products
Trend - During the COVID-19 pandemic, companies are revamping their products and services with affordability in mind, in order to give options to consumers who have been impacted financially. These offerings are geared toward making indulgences, educations, or personal goals more accessible.
Insight - Consumers, especially those who have been strongly impacted by the COVID-19 pandemic, are paying very close attention to their spending habits and this is affecting their purchasing decisions. For many, this mindset will continue beyond the deployment of a vaccine since individuals are aware of the economic and scientific projections for the aftermath of the virus. In this space, consumers seek out to continue on with their short and long-term plans in ways that won't cause too strong of a financial burden.
Insight - Consumers, especially those who have been strongly impacted by the COVID-19 pandemic, are paying very close attention to their spending habits and this is affecting their purchasing decisions. For many, this mindset will continue beyond the deployment of a vaccine since individuals are aware of the economic and scientific projections for the aftermath of the virus. In this space, consumers seek out to continue on with their short and long-term plans in ways that won't cause too strong of a financial burden.
Workshop Question - How might your brand create affordable options for consumers?
Trend Themes
1. Affordable Innovation - Companies are revamping their products and services with affordability in mind, in order to give options to consumers who have been impacted financially.
2. Ease of Use - Products are engineered to be familiar and easy to use by consumers of all skill levels.
3. Accessible Luxury - Brands are focusing on delivering high-quality, yet affordable options to consumers who want to maintain a sense of luxury while adjusting to changing economic realities.
Industry Implications
1. Consumer Electronics - Companies like Anbernic, KBO, and Volkswagen are changing the game by creating affordable products with powerful and convenient features.
2. Bathroom Fixtures - Luxury bathroom fixtures are becoming more accessible, with brands like LUXE Bidet offering innovative and affordable options.
3. Eyewear - Warby Parker is leading the charge in making stylish eyewear more accessible with their affordable and functional capsule collections.
5 Featured, 45 Examples:
70,050 Total Clicks
Date Range:
Aug 20 — Jul 22
Trending:
Warm
Consumer Insight Topics:
