Krista Faron, Lead Innovation Analyst at research firm Mintel, gave an inside look at the industry categories predicted to experience growth in the coming year during the recent 2010 New Business Conference. And here are the contenders…
- Vitamins and dietary supplements.
- Luxury goods – on the high-end, companies like Tiffany, Williams-Sonoma and Hermes, as well as ‘entry-level exclusive’ brands.
- Private label goods.
- Sub-premium beer (e.g. Pabst Blue Ribbon).
- Craft beer – those positioned as artisan products.
- Anti-aging skin care.
- Electronics – those with special features (e.g. 3D), offered at a price-premium, with cool technology.
- Retail – dollar stores are growing at the low-end, as are exclusive “members-only” online retail sites offering deals in fashion, travel, beauty, home decor, etc.
- Green – if there’s a financial benefit to consumers. For example, you’ll buy something that’s going to save you money over time.
- Pet food and pet services (e.g. insurance).
- Teen market – any products that appeal to this demographic.
- Out of Home entertainment – concepts like Cinebarre are a good example.
Filters you might consider as you evaluate categories:
- Find products that are special, unique or well-differentiated – that’s what people will pay for.
- If there’s a choice of companies with equally appealing products, pursue the company with smart management.
Trends to keep in mind:
- Three of five males between the ages of 18-24 are now living at home.
- 20% of Baby Boomers have a parent living with them. This is creating a “multi-generational” market in households, which offers a big opportunity for marketers who can find ways to effectively tap into it with appropriate products. (Think about how this trend will impact how and what these consumers will cook; the type of car they’ll drive; what type of home they’ll purchase; what type of household goods, furniture, etc. they’ll need, etc.)
- Full-service dining should also experience growth as more consumers choose to eat out with greater frequency – rather than preparing meals at home for larger, multi-generational family members.
There are lots of prospecting categories to consider, above, not to mention those in a recent post. So, fire up your prospecting database and start investigating companies that meet your criteria!
