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The ‘new’ has never been hotter. For consumers who’ve grown up in an EXPECTATION ECONOMY, demanding the best of the best, the very notion of the 'new' has become a positive one. The whole world ...

The ‘new’ has never been hotter. For consumers who’ve grown up in an EXPECTATION ECONOMY, demanding the best of the best, the very notion of the 'new' has become a positive one. The whole world is spewing forth (ever-better) new products and services. New products can be tried easily (especially online), with little if any risk. Status-wise: new means interesting, new means cool, new means (more) experiences, new means first, new means... well, ‘new’! ;-) Time to get moving, and indulge your customers’ passion for NEWISM.

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trendwatching.com's NEWISM Presentation Transcript

  • 1. July 2012trendwatching.com’s free Monthly Trend Briefingnewism Why more than ever, consumers lust after the new. And why that spells heaven or hell for brands.trendwatching.com/trends/newism
  • 2. Definition The ‘new’ has never been hotter. For consumers who’ve grown up in an EXPECTATION ECONOMY, demanding the best of the best, the very notion of the ‘new’ has become a positive one. The 1. CREATIVE > 2. FSTR whole world is spewing forth (ever-better) new DESTRUCTION products and services. New products can be tried easily (especially online), with little if any risk. Status-wise: new means interesting, new means cool, new means (more) experiences, new means first, new means... well, ‘new’! ;-) Time to get moving, and indulge your customers’ passion 3. EXPERIENCE 4. STATUS for NEWISM. CRAMMING STREAM Here are half a dozen forces propelling NEWISM into even more prominence » 5. TRYSUMERS 6. TO HAVE IS TO (H)OLDw w w. t r e n d w a t c h i n g . c o m NEWISM 2
  • 3. 1. CREATIVE > DESTRUCTION Creative destruction may have an alarming ring to it, but it’s something to be celebrated (despite recessions, bank runs and collapsing currencies). With the volume and pace of innovation faster than ever, the ‘creation’ is outweighing the ‘destruction’. In fact the entire world, from emerging* to mature economies, is now creating new products, services and experiences on a daily, if not hourly basis, in every B2C industry. Which moves ‘new’ from being a tired marketing ploy by ‘old’ brands (‘new and improved!’), to a genuine, exciting proposition for consumers. Show us a day in which a previously unheard of brand, or even individual, doesn’t release a new – and better and more convenient and more surprising – offering that promises a novel or improved experience. A global celebration of innovation, of the new, indeed. * Do re-read our previous Trend Briefing covering MADE BETTER IN CHINA or dive into the never-ending (free!) avalanche of new business ideas and concepts on Springwise 2 million patents were (our sister-company). applied for in 2010, up from 1.4 million in 2000 (Source: World Intellectual Property Organization,  December 2011)w w w. t r e n d w a t c h i n g . c o m NEWISM 3
  • 4. 2. FSTR Everything is getting faster and FSTR ;-). The online world, with its relentless acceleration and amplification – of information, of excitement, of attention – is of course a major contributor to NEWISM. Witness phenomena such as Instagram (10 million users in under a year) or Draw Something (35 million users in just 6 weeks!). And just to highlight NEWISM’s often-fleeting nature, many Draw Something users have now abandoned the app, no doubt off to seek something new ;-). Products too: witness Pebble raising over USD 10 million in 37 days on Kickstarter*. Indeed, any new innovation that taps pent-up demand will erupt and spread faster than ever. Taco Bell sold 100 million of its new Doritos Locos Tacos in 10 weeks, making it the chain’s fastest ever product launch. * Kickstarter is a great enabler of the ‘new’ innovation ecosystem: anyone can now test, fund and launch almost any new idea. “Excitement and attention are being amplified and accelerated.”w w w. t r e n d w a t c h i n g . c o m NEWISM 4
  • 5. 3. EXPERIENCE CRAMMING The desire to tell interesting STATUS STORIES is further fuelling consumers’ never-ending lust for new experiences, especially acute in a world where so much of identity is expressed online. Any experience that few others can or have had is a sure-fire status symbol. However, with more people than ever searching for ‘unique’ experiences, they are becoming harder-to-find and thus often expensive. The (cheaper, more practical) alternative therefore is for status-hungry consumers to resort to EXPERIENCE CRAMMING: collecting and mixing-and-matching as many, and as wide a variety, of new experiences as possible. “Consumers want to collect and mix-and-match as many new and varied experiences as possible.”w w w. t r e n d w a t c h i n g . c o m NEWISM 5
  • 6. 4. STATUS STREAM On top of collecting experiences, in a world where everything is transient keeping one’s finger firmly on the pulse of the endless global torrent of new products and services (see driver 1), showing one’s connectedness and being in the know, will be an ever-richer source of social status (especially for SOCIAL-LITE consumers). Yes, ‘new’ is the new prestige ;-) In fact, supporting consumers in their pursuit of the newest of the new, or to be first in finding, knowing, doing or owning something is an opportunity in itself. Just one innovative example: in April 2012 Nike launched a number of highly collectible limited edition sneakers using a Twitter reservation system. Stores would randomly tweet specific product hashtags during the day of release, and the first followers to include this in a direct message to the store would reserve a pair of the sneakers. “Social status will come from being in-the-know, and from being part of the ‘new’.”w w w. t r e n d w a t c h i n g . c o m NEWISM 6
  • 7. 5. TRYSUMERS The innovation-spurring eco-system described above is also totally transparent, with everything now reviewed and rated the moment it’s created, meaning the risk for consumers of trying out something new is approaching zilch. Furthermore, new business models (from LIFE: SUBSCRIBED and TRYVERTISING, to OWNER-LESS and RECOMMERCE described below) are enabling consumers to experience the ‘new’ with less commitment, and at lower cost. “The risk of trying out something new is approaching zilch.” Is our Premium Service for you? This free Trend Briefing is obviously only the  tip of the iceberg. If you want to be forever and fully in the know, then our Premium Service is for you. Get access (until May 2013!) to our full 2012 Trend Report (in three formats) and the 2013 Trend Report (sent to you in November 2012), searchable Trend Database, and Industry Trend Reports (covering your industry). MORE» trendwatching.com/premiumw w w. t r e n d w a t c h i n g . c o m NEWISM 7
  • 8. 6. TO HAVE IS TO (H)OLD Many possessions don’t (need to) get old anymore. For consumers who’ve embraced OWNER-LESS solutions, renting or sharing everything (from cars to clothes to electronics), perpetual upgrades and ‘new’ experiences are but a booking away. And, thanks to the RECOMMERCE trend, even for those consumers who havebought items, it’s never been easier to unlock the value in past purchases. Novel brand buy-backs, exchange schemes, online platforms and mobile marketplaces, offer smart and convenient options for consumers keen to ‘trade in to trade up’ to the new. Oh, and online, everything is of course endlessly if not automatically renewed and refreshed (whether ‘owned’ or just accessed). “Possessions don’t (need to) get old anymore.”w w w. t r e n d w a t c h i n g . c o m NEWISM 8
  • 9. What NEWISM is NOT (and the inevitable counter-trend) Now, NEWISM is not ‘just’ traditional product innovation. The ‘new and improved’ Last but not least, it does not mean all consumer attention will be focused on from yesteryear has been surpassed by a genuinely innovative and creative the new. There will still be endless value in heritage brands, known to deliver explosion, taking place worldwide. constant, trusted quality and provenance. There will be value in well-told, compelling stories. In comfort. In tradition. In the local. In curation of existing It is also not just breathless, eco-unfriendly, product-replacing madness (see products. In tailoring. In any of the dimensions that we’ve looked at in previous driver 6). Trend Briefings. Remember, no trend applies to all consumers, all of the time, and the ‘new’ doesn’t always kill the old.w w w. t r e n d w a t c h i n g . c o m NEWISM 9
  • 10. IMPLICATIONS NEWISM is creative destruction, hyper-competition, globalism, consumerism on steroids and a celebration of innovation, all in one. For brands, new and established, it boils down to capturing and holding consumers’ attention. While consumers’ attention spans might be shorter and shorter, the rewards can be instant and massive. And it’s not like you have any choice anyway ;-) Need (even more) ideas? Kick off a brainstorming session with a few of our recent Trend Briefings or spottings from our sister- site Springwise and see what new concepts, products, services and campaigns emerge that you can run with. Meanwhile, while you embrace NEWISM, we’re already working on our NEW Trend Briefing ;-) Make sure you’re subscribed! w w w. t r e n d w a t c h i n g . c o m NEWISM 10
  • 11. Ea gua Coming your way... rly ran -b te ird ed pr ! Our Consumer iceSão Paulo JohannesburgMonday, 13 August 2012 Friday, 17 August 2012 Trend Seminars We know you’re busy! For all of you who enjoy our monthly Trend Briefings, but sometimes just don’t have the time to truly stay on top of everything, here’s a chance to soak upShanghai SeoulTuesday, 21 August 2012 Friday, 24 August 2012 Sydney Wednesday, 29 August 2012 all the trends and insights that matter to your business, brand and job, in just half a day.Istanbul BerlinThursday, 06 September 2012 Monday, 10 September 2012 Amsterdam Thurday, 13 September 2012 London Monday, 17 September 2012 Just a few of the participants/brands who have already bought tickets: SanTorontoMonday, 24 September 2012 New York Chicago Francisco Thurday, 27 September 2012 Tuesday, 02 October 2012 Thurday, 27 September 2012 trendwatching.com/seminars
  • 12. NEXT Enjoyed this Trend Briefing? Want more? Click below and make sure you stay on top of all the trends, insights and innovations that matter: Previous Trend sign up Briefings Trend Seminars To receive our free monthly Trend Briefings Read all our previous free Trend Briefings, all the No time? Attend one of our exclusive trend seminars by email way back to 2002! and hear about all the key trends, in just half a day. In 13 cities from August to October 2012! Share tips Premium Service Share this Trend Briefing your team, your Want to track and apply trends yourself? Click Need access to all the vital consumer trends, insights clients or your friends, and make sure they’re and innovations? Our Premium Service is for you. here for our top tips. in the know too.If you have any comments, suggestions or About usquestions then please do let us know. Just world’s leading brands as clients, while our free Established in 2002, trendwatching.com isemail: monthly Trend Briefings go out to over 160,000 the world’s leading trend firm, scanning the subscribers in 180 countries.ANDREA THORN globe for the most promising consumer trends, insights and related hands-on business ideas. More atHead of Client Services Our Premium Service counts many of the www.trendwatching.comandrea@trendwatching.com