The fast food industry opens itself to opportunities in the luxury market
Trend - Brands in the fast-food space are entering the luxury market (or vice versa) in a way that allows for crossover appeal for varying demographics. Whether in food items or in experimentation with new business models, this shift reveals how brands can collaborate with unlikely industries in order to maximize their appeal.
Insight - Modern consumers, particularly Millennials and Gen Z, are especially concerned about branded products, services and experiences. To younger demographics, these branded provisions align with their desire to portray certain lifestyles to their peers on social media. By merging two seemingly opposing industries, brands are able to cater to consumers looking for this form of shareable novelty.
Insight - Modern consumers, particularly Millennials and Gen Z, are especially concerned about branded products, services and experiences. To younger demographics, these branded provisions align with their desire to portray certain lifestyles to their peers on social media. By merging two seemingly opposing industries, brands are able to cater to consumers looking for this form of shareable novelty.
Workshop Question - Consider an industry that in some ways, is the antithesis of yours. How could your company expand into that space?
Trend Themes
1. Fast Food Luxury - The fast food industry is entering the luxury market to cater to modern consumers, particularly Millennials and Gen Z, who are especially concerned about branded products, services, and experiences.
2. Premium Products - Consumer demand for premium food products is increasing in the fast food industry, leading to the release of new, upscale menu items like milkshakes made with real Ghirardelli chocolate.
3. Cheeky Marketing - Fast food companies like McDonald's use playful marketing campaigns, such as creating paper bags that look like high-end fashion designs to draw attention to their brand.
Industry Implications
1. Fast Food - The fast food industry is transforming to offer premium options and collaborating with luxury brands to maximize their appeal.
2. Jewelry - Lifestyle brands like Whataburger have partnered with artisan jewelry companies to create unique jewelry pieces that incorporate iconic fast food items.
3. Fashion - The fast food industry is collaborating with luxury fashion designers and incorporating fast food-inspired pieces in runway shows, blurring the lines between the two industries.
