72% of consumers say quality is the most important attribute when shopping for foods and beverages, tied only with price. This underscores the importance of not just great value, but alignment with consumers’ values and aspirations. As consumers become more discerning, the traditional notion of premium quality is evolving.
Gone are the days when premium was solely associated with high prices and exclusivity. The new premium is about differentiation, emotional connection and a commitment to making things better. It's about transparency, trust and the pursuit of pleasure and indulgence. Understanding these nuanced expectations and opportunities is essential to staying relevant.
Our Q4 syndicated study, Premiumization and Everyday Value(s) 2024 sets out to define the new premium from the consumer perspective, reflecting their desires and challenges in a complex food and beverage landscape.
The report will explore definitions of premium, including central attributes and values, consumer skews, category relevancy and nuances, dynamics of premium occasions, the role of brand and premium’s interplay with value.
Insights from this report will help answer critical questions like:
What are premium’s differentiating themes (e.g., culinary distinction) and associated attributes (e.g., small batch production)?
Are more consumers oriented toward certain values within premium (like wellness, sustainability, culinary distinction) than others? How do these consumer groups look similar or different from one another?
What are the dos and don'ts of building a premium brand today?
Stand out in the sea of premium products and discover new opportunities for growth: pre-order your copy of Premiumization and Everyday Value(s) 2024 today, available January 10, 2025. Organizations that purchase by September 6 have the opportunity to include proprietary categories, questions and/or custom data cuts. Reach out to Melissa Abbott today to learn more!