TrendSights Analysis: Retrophilia - A longing for the past as an antidote to the present and future
Summary A love of things from the past; both from nostalgic consumers, and those consumers who did not necessarily experience it first time round but have a curiosity towards it. It reflects a desire to remember - or discover - a time when life was simpler, and the seemingly abundant concerns and problems plaguing modern society were less severe and imminent.
Retrophilia is part of the Comfort & Uncertainty mega-trend. While the world is becoming more technologically advanced and efficient; consumers are feeling increasingly time-poor. The stresses of modern life are leading consumers to seek comfort in the familiar. Anxiety and fear of change leads consumers to be cautious in their purchasing behavior; seeking familiar and trusted brands. They look back on the past with fond memories of a simpler time; and seek products which evoke an emotional connection with their past.
While familiarity and trustworthiness are highly influential on most FMCG purchasing decisions, it is particularly so in the more essential, often efficacy-driven, categories. Consumers are more cautious when purchasing these products. If a food brand doesn’t taste right; a laundry product does not clean as it should; or a face cream causes skin irritation; these can all prove costly mistakes for consumers.
The report "TrendSights Analysis: Retrophilia", explores how FMCG brands can rejuvenate the past to appeal to curious and sentimental consumers. Moreover, this report helps to gain insight into the different routes through which brands can stimulate consumer demand by reviving, renewing, and reimagining the past, to understand what motivates consumers to try retro products and Identify the innovation implications of Retrophilia for your sector.
Trend drivers include in this report - - Nostalgia: Sentimentality for the past; and wanting to recapture certain emotions or experiences. - Experimentation: The curiosity to experience novel things from a past time that you did not previously get to try. - Escapism: The longing to escape the complexities of modern life, and go back to an era when life seemed simpler.
Companies mentioned in this report: Bath & Body Works; Burton’s; PepsiCo; Mondelez; Cadbury; Budweiser; OREO; Coca-Cola Company; Standard Tobacco of Pennsylvania; The Pop Shoppe; Ben & Jerry’s, Dr Sheffield’s; Arla; Huawei; KFC; Bovril; Hostess; Fox’s; M.A.C.; Air Wick; Finish; Pretty Vulgar.
Scope - Globally, six in 10 consumers find food products that remind them of their childhood appealing. - More than half of consumers believe grocery products from the past are better than new ones - Familiarity and trustworthiness is a key purchase driver across FMCG, especially in personal care, with older, established brands well-placed to capitalize on the trend.
Reasons to buy - Gain insight into the different routes through which brands can stimulate consumer demand by reviving, renewing, and reimagining the past. - Understand what motivates consumers to try retro products. - Compare the relevance of Retrophilia in each industry across the FMCG space, and learn what the key opportunities are. - Identify the innovation implications of Retrophilia for your sector.
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