UK: Brits continue to show taste for the premium
The average British consumer is more likely than ever to load their trolley full of premium products according to a report out this week.
Research from independent market analyst Datamonitor said this trend was reflected by the growth of speciality products such as hand-made, origin-specific food, drink and personal care products for which spend is expected to exceed GBP4.5bn in the UK by 2009, an increase of 30% when compared the level of spend in 2004.
"The growing taste for luxury is set to become more pronounced as consumers continue to experiment, self-reward and seek out satisfying experiences with rich flavors, textures, and variety", said Daniel Bone, consumer analyst at Datamonitor and author of the report. "For manufacturers, consumers' growing desire for quality means concentrating on new product development and marketing the luxurious aspects of products", he adds.
As many as 83% of UK consumers expressed the view that it is important "to be open-minded about trying new products and experiences" and 62% agreed with the statement "you have to take risks to get rewards". Some 73% of those surveyed also indicated finding new excitement and sensations as 'important' or 'very important'.
The report forecasts UK consumer spend on specialty food, drink and personal care spending will increase from GBP3.4bn in 2004 to GBP4.5bn in 2009.
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