little indulgences
DESCRIPTION
The art of self treating in times of crisisTRANSCRIPT
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Little indulgences:10 Insights on where to grow business
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Growth Stories
Bringing you a flavour of business
growth trends...in just 5 minutes
A Futures Coaching initiative
www.futurescoaching.com
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“Individuals invest more heavily in one domain to make up for what is missing in the other domain” (Staines,1980)
Compensation theory
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Estee Lauder coined the recession-proof 'lipstick index'
'Small luxuries' are things to get you through the bad times as well as the good
Today, nail polish also qualifies: up 65% '08-'11 (source:NPD Group)
the dipstick is lipstick
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Ice-cream sales are rising in Greece
In Britain, M&Ms sales were up 12% in 2010
(source: Euromonitor)
against all odds
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out with small austerity
Rise of small luxuries means declines in small austerities
Example: Danone's Activia creamier yoghurts are booming but health-focused Actimel struggles
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Nestlé Eclairs are a recent hit in India: “with an irresistible outer layer of caramel and a yummy milky
filling, you will not find a better temptation”
trend is global
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Royal Salute costs upto $600 a bottleAs the brand says: “it's a bottle you need not mortgage
the family home for” (!)
for all pockets
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products > services
Surge in sales of pricier Unilever shampoos as compensation for fewer visits to the salon
Expensive food ingredients get a boost as people cut down on eating out
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London Tea Company's recent launch of a white tea in silk bags swiftly overtook staples like Earl Grey
focus on NPD
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problem with profits
Adding value can come at a cost. It takes six times as long to make silk tea bags; toothpastes which whiten cost more
to makeAs Unilever's Polson reminds us: “good innovation over time
should be margin-accretive”
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Padora's charm braclets took the market by storm: an ideal 'pick-me-up' product
Then it pushed up the average price of these 'treats' by 40% in 18 months to $40
Result: the 2011 revenue forecasts were cut from 30% to 0
getting it wrong
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Acknowledgement These insights are drawn from The Financial
Times article of August 6, 2011 “In the age of austerity, indulgence is back”
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Training for consumer insight teams – boosting internal futuring capabilities
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