Brands are taking a no-frills approach to product pricing
Implications - While premium price points often convey a sense of status to consumers, in-the-know shoppers are being drawn towards no-nonsense brands that promote top-of-the-line quality at ultra-affordable pricing. Keeping packaging and extras to a minimum, brands are realizing the value of offering high quality products that compete with the biggest name brands while staying accessible to the masses, strengthening their reputation among consumers as being authentic and honest.
Workshop Question - What extras can you streamline in order to keep markups as low as possible for the end consumer?
Trend Themes
1. No-frills Branding - Brands are adopting a simplistic approach to packaging and branding, focusing on quality products over fancy design.
2. Transparent Pricing - Businesses are striving for more transparency in pricing by offering direct-to-consumer models, disclosing markups, and using factory pricing.
3. Ultra-affordable Products - Affordable pricing has become a major selling point for brands who prioritize high-quality products, allowing the masses to have access to them.
Industry Implications
1. Skincare and Cosmetics - By offering simplified product lines with high-quality, affordable ingredients, skincare companies can target consumers who prioritize value and transparency.
2. Jewelry - Direct-to-consumer models and transparent pricing can disrupt the traditional jewelry industry and challenge its reputation for inflated costs.
3. Consumer Packaged Goods - By creating universally priced products, CPG brands can provide accessibility to a wider range of consumers, requiring a focus on efficient production and distribution.
5 Featured, 45 Examples:
102,541 Total Clicks
Date Range:
Dec 16 — Jul 17
Trending:
Warm
Consumer Insight Topics:
