The Finer Things.
We’ve acquired the taste for the finer things. Wine, chocolate, coffee, and beers all have gone the way of premiumization. With coffee and beers, we’re in another wave of evolution, yet again dialing up the sophistication. So if you’re wondering where to take food and beverages next, make it even better and more sophisticated, elevating the product’s distinctiveness.
- Craft beers are experiencing yet another revival with a record number in business this year and sales growth of 18 percent. The impact: this year craft beers for the first time overtook Budweiser on the U.S. sales charts.
- While the likes of Keurig and Nespresso have charmed Americans with their convenient coffee and devices, specialty coffee roasters have given connoisseurs specialized roasts and experiences. Even Starbucks has finally gotten onboard and is opening a “Reserve” coffee roasting facility to try and compete in the space as coffee snobs demand more.
- On WV Forum earlier this year, we reported that Heinz ketch-up now has competition. Condiments have been elevated, as well, being made with better ingredients and specialized recipes. Check out the posting here.
Consumer Forecast: Help me enjoy more sophisticated flavors and experiences.
Photo Credit: MaxyM
Mickle, Tripp. “Bud Crowded Out by Craft Beer Craze,” Wall Street Journal, November 23, 2014.
Sacks, Danielle. “The Multi-Million Dollar Quest to Brew the Perfect Cup of Coffee,” Fast Company, September 2014. http://www.fastcompany.com/3033306/coffee-week/the-multimillion-dollar-quest-to-brew-the-perfect-cup-of-coffee
Strom, Stephanie. “Starbucks, Facing a Saturated Market, Looks to the High End,” The New York Times, December 4, 2014.
“The Year in Beer: 2014 Craft Beer in Review from the Brewers Assocation,” Brewers Association, December 9, 2014. http://www.brewersassociation.org/press-releases/year-beer-2014-craft-beer-review-brewers-association/