Alcoholic Beverage Innovation - COVID-19 Case Study
The pandemic has been altering consumers’ social lives, their view of brands, and their awareness of health and wellbeing has been escalated. GlobalData has identified three new trends emerging in the alcohol beverage space due to the pandemic, which are: New Socializing, New Initiatives, and More Health.
The scale and impact of the global health crisis has changed consumers' consumption habit and sentiments towards FMCG brands. This is inevitably influencing the alcoholic beverage industry. This case study pinpoints three key trends that influencing alcoholic beverage innovation strategies.
Reasons to Buy
- Due to the closure of pubs and bars, at-home drinking has increased, and this new trend is likely to continue due to consumers’ concern about the disease.
- Consumers’ views on brand activities as well as health concerns have changed. They are more aware of brand initiatives and the health impact of alcohol, which is influencing their purchase decisions.
- Also, how brands are contributing to society or sustainability is becoming an important factor for consumers' choice of products. Working for a good cause will be a vital activity to build a positive relationship between brands and consumers.
- Identify the reasons underpinning consumers' evolving approaches to alcoholic beverage consumption and product choices.
- Gain insight into the key consumer trends that are most likely to drive alcoholic beverage innovation.
- Put innovative products into context by connecting them to specific consumer trends and preferences.
- 1.Case Study: Alcoholic Beverage Innovation
- New Socializing
- New Initiatives
- More Health
- Key Take-Outs