Premium-Brand Products Primed to Perform, According to Latest IRI Research

It is certainly not uncommon these days to purchase at least some natural and organic products and even occasionally shop in a specialty gourmet retailer. In fact, 15 percent of consumers say they will be increasing usage of these and other premium–tier products in the next 12 months according to the latest IRI Point of View: “Premium Products Primed to Perform.” The new research uncovers the latest attitudes and behaviors when it comes to purchasing premium products and helps savvy CPG marketers develop carefully targeted products that will broaden their consumer audience and increase profit margins.

“The word ‘premium’ means different things to different consumers,” says Susan Viamari, editor of Thought Leadership, IRI. “For some, it means natural and organic and, for others, it means a private label product offering high-quality ingredients at a lower price. Ultimately, a premium brand must have some sort of perceived value in order to appeal to consumers. Our research reveals how each unique consumer demographic segment defines and shops for premium products at the channel, aisle and even category level.”

In this IRI Point of View, the premium brand purchasing habits and attitudes of millennials, baby boomers, households with children and lower-earning households are highlighted. In terms of age, the most significant differences appear between baby boomers and millennials, who each find value in varying premium brand attributes and employ different shopping strategies. For instance, millennials are more drawn to convenience, while boomers are more likely to seek quality ingredients and brand names. Generation X consumers tend to align most closely with the general population and serve as the middle ground between their adjacent cohorts.

About the IRI Point of View

The IRI Point of View, “Premium Products Primed to Perform,” is available exclusively from IRI, the global leader in innovative solutions and services for consumer, retail and over-the-counter healthcare companies. The findings in the Point of View were compiled based on insights from the 2014 Annual Brand & Retailer Loyalty Survey, which was conducted in April, 2014. To download the free IRI Point of View, please visit: http://www.iriworldwide.com/Insights/Publications/PointofView.aspx.

About IRI

IRI is a leader in delivering powerful market and shopper information, predictive analysis and the foresight that leads to action. We go beyond the data to ignite extraordinary growth for our clients in the CPG, retail and over-the-counter healthcare industries by pinpointing what matters and illuminating how it can impact their businesses across sales and marketing.

Move your business forward at www.iriworldwide.com.