Affluent consumers are indulging themselves with champagne-related products
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.
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.
Trend Themes
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Luxury Champagne Products — As the demand for luxury products grows, businesses can create high-end champagne-related items to capitalize on this affluent segment of the market.
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Mixing Up Alcohol Culture — Alcohol culture is increasingly mixing up ingredients and recipes and marketers can fuse classic alcohol products with a more trendy ingredient in order to appeal to the young urban consumer who is acutely aware of drinking trends and social status.
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Cross-categorization — Creating a new category by mixing seemingly incompatible products can be a fruitful innovation opportunity for those companies willing to take the risk.
Industry Implications
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Luxury Goods — The luxury goods industry can create new champagne accessories and products to cater to affluent customers with a desire to flaunt their wealth.
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Alcohol & Beverages — The alcohol and beverage industry can innovate by mixing up ingredients and creating cross-categorization products to appeal to young urban consumers and expand their offerings.
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Fragrance & Beauty — The fragrance and beauty industry can incorporate champagne ingredients into their products to add a touch of luxury and opulence.
