On-Trend' Innovation & Marketing Concepts: The Convenience Mega-Trend

Innovation is a major driver of growth yet statistics suggest that around 80-90% of all new products fail and industry executives are generally disappointed in their ability to stimulate innovation. This report is designed to help by effectively aligning NPD activity with substantive consumer trends. It does so by identifying 'on-trend' opportunities that arise from the convenience mega-trend.

Report Highlights
One of the major problems associated with innovating successfully is capturing consumers' imagination. The annual US based ""Most Memorable New Product Launch Survey 2007"" found that even among those with strong brand names, 77% of respondents could not name one of the top 50 new products of 2007 on an unaided basis.

The convenience mega-trend reflects the increased time pressures, stresses and work-life balance problems that consumers increasingly experience. A desire to overcome the pressures of a hectic lifestyle and free up time for leisure activities or relaxation are the main drivers for sales of goods that provide consumers with convenient solutions.

Four core issues deal with the topical aspects of convenience for consumers, namely: the speed which a consumer can utilize a good or service; the locations in which it is possible to do so; the size of the product; and the way the product is delivered to the consumer through the packaging. Successful products deliver in many or all of these.
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DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
INTRODUCTION: Using trend frameworks develops the means to boost quality and frequency of insight generation and new product planning 2
There is a funnel approach to identifying the manifestation of trends 3
TREND: Innovation is a major driver of growth but is a challenging process 4
A number of internal problems can lead to ineffective approaches to innovation 4
One of the major problems of innovating successfully appears to be capturing consumers' imagination 6
TREND: The hectic lifestyles of contemporary consumers render convenience products essential 8
TREND: Time scarcity has resulted in consumers outsourcing tasks and 'speed shopping' 9
INSIGHT: Time constraints and the unpopularity of domestic chores drive a consumer need for convenience products 10
DATAMONITOR VERDICT: Successful manufacturers will be those answering consumers' desire to limit the time-intensity of less emotionally meaningful or mundane tasks 16
INSIGHT: Goods which simplify consumers' lives by offering multiple benefits will increase in popularity 17
DATAMONITOR VERDICT: Consumers feel more productive if they are solving two problems at once 20
TREND: Superior packaging benefits and alternative delivery formats have changed the dynamics of consumer expectations in all aspects of life 21
INSIGHT: Versatile packaging formats provide consumers with more options in their daily lives 21
DATAMONITOR VERDICT: Investment in and technological development of packaging plays a central role in facilitating and promoting convenience 25
INSIGHT: Consumers want to alleviate the feeling of stress associated with mealtimes 25
DATAMONITOR VERDICT: Winning strategies will match reduced complexity of food preparation with consumers' particular need states (health & wellness, indulgence/premiumization) 31
INSIGHT: Personal beauty products need to be convenient to stay ahead in a saturated market 31
DATAMONITOR VERDICT: There is no shortage of convenient beauty products as consumers demand to be pampered away from home 36
TREND: Consumers are becoming more aware of a need for smaller products and highly value product sustainability 37
INSIGHT: Health, storage and environmental issues have increased consumer demand for smaller products 37
DATAMONITOR VERDICT: Packaging and product has to reflect a change in social attitudes 41
APPENDIX 42
Definitions 42
Methodology 42
Further reading and references 42
Ask the analyst 43
Datamonitor consulting 43
Disclaimer 43
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Figure 1: Datamonitor's mega-trends are having a long-term and substantive impact on the marketing landscape and can be grouped into two 2
Figure 2: Consumer behavior and the innovations targeting it inevitably fit into a 'trend hierarchy' 3
Figure 3: There are four different approaches to innovation six kinds of innovativeness rating 6
Figure 4: Attitudes towards innovation vary markedly and influence the inability of new products to capture the imagination of CPG shoppers 7
Figure 5: Convenience pervades all aspects of consumers' lives as time, energy, and space-saving benefits are increasingly sought 8
Figure 6: Manufacturers are finding innovative ways of making household chores more bearable 16
Figure 7: Multi-functional products can make use of innovative packaging designs to useful effect 20
Figure 8: Packaging formats are improving in an attempt to offer more versatility to the consumer 24
Figure 9: What does a consumer understand by the term 'Convenience'? 26
Figure 10: Pressures on mealtimes motivate continuation of the convenience trend in cooking behaviors 26
Figure 11: There are new ways of consuming meals, whether they be interesting restaurant experiences, pre-prepared foods, or drive-thru ordering 30
Figure 12: On-the-go beauty is a burgeoning concept expanding at a phenomenal rate 36
Figure 13: Consumers want more from their products as they go become more environmentally and spatially aware 40
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