Premium NextExplore the new spaces that premium is disrupting, and the new status signifiers emerging – from packaging and ethical production to story and imagery.Tuesday 24 Sept 2024
Summary

The notion of premium is expanding further than traditionally assigned categories (electronics, alcohol, jewellery, and skincare) – and into more humble daily use products like olive oil, water and soap. With people embracing premium across new sectors and product categories, what does premium really mean? This Deep Dive will explore the new spaces that premium is disrupting, and the new status signifiers emerging – from packaging and ethical production to story and imagery. Plus, with an indulgent season front of mind for many – what makes cash-strapped audiences spend on a premium product in the era of dupes?


Why Now?
Little luxuriesFrom dropping £245 on the cult fragrance Baccarat Rouge 540 to $23 on Kendall Jenner’s new Peaches and Cream Erewhon smoothie, Gen Zers and Yers are finding ways to indulge in luxury through dopamine-boosting premium products, from skincare and jewellery to electronics and alcohol.
New status signifiersWith premium finding new impact in traditionally more accessible areas, how can brands use new language, new textures, new positioning, and new products to land premium propositions in a shifting landscape?
Localism and a human touchLocalism is becoming a central point of differentiation for premium products, connecting audiences with a more authentic brand narrative. With AI-generated creative flooding the market, where can craft, human labour and new forms of connoisseurship most effectively find room for impact?

53%of Gen Zers see the high cost of living as a barrier to financial success BANK OF AMERICA, 2023
54%of Gen Yers say they’re greatly affected by the cost of livingDJS RESEARCH, 2023
31%of US adults have intentionally purchased a dupe of a premium product. This figure is much higher for Gen Z adults (49%) and Gen Yers (44%)MORNING CONSULT, 2023

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