How to grow via premiumisation
This article is part of a series of articles on premiumisation. Read more.
Need to know
- Consumers are looking to trade up to more premium products in their everyday shopping baskets
- Brands that innovate at the premium end have a big opportunity to grow sales and engage with a wider range of shoppers
- A consumer’s view of what makes a product premium is influenced by rational factors such as links to quality and superior performance, and emotional triggers such as how it makes them feel
- Age matters – older consumers and younger consumers look at premium differently
- Premium products attached to a specific consumer trend have a finite life cycle
- A consumer’s mode of shopping affects their view of premium, and strategies should take this into account.