Whilst much of the expansion in bottled water volumes is driven by low-priced, low-margin bulk water purchases in emerging markets and budget private label purchases in many developed markets, the impact on consumer behaviour--and tastes--is real, and lasting. Intriguingly, the continued shift to bottled water could create real opportunity for innovation on the high end, as more consumers combine low-priced bottled water for everyday occasions with a range of indulgent, affordable luxuries.