Premium is no longer just about price. It’s the promise of exceptional quality and experience, fuelling a growing taste for unique, value-added products
All over the world, consumers are increasingly looking for a taste of the high life with more and more brands seeking to ‘premiumise’ their products. And while premiumisation isn’t new, it’s now being embraced by a far larger audience than simply those who are wealthy.
Premiumisation today is bridging the gap between luxury and mass market to give all consumers access to unique or innovative products that promise more. In fact, according to Nielsen’s 2016 report on premiumisation, the premium market is outpacing total category sales in many markets. But what’s driving this growth?
Many factors come into play – from greater buying power and spend amongst middle classes to the availability of new and innovative brands that can quickly adapt to consumer demands. But underlying this trend is the fact that premium is about more than just price. It’s the perception of better health, quality, and experience, with products that make consumers feel good.
For food and beverage producers, the benefits of premiumisation are clear. Consumers are now willing to pay premium prices on value-added products with real benefits. But they need to fulfill a need, deliver on their promise and offer something unique.
SIG is helping producers capitalise on the rising premiumisation trend with its new solution-driven segment: Product Innovation & Differentiation. By delivering unique product and packaging solutions, we’re enabling brands to develop more premium tasting, looking and feeling products that truly stand out in the market.
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