As more consumers demand products and services to meet their specific needs, companies are racing to build bespoke offerings rather than risk being left behind. As technology advances, industries are rushing headlong into the new market for personalisation, in some cases without understanding the motivations of the clients they are trying to satisfy. Euromonitor International’s megatrends series will examine “Personalisation Seekers” to determine where this concept is heading and who will drive
This report comes in PPT.
Interest in personalised products continues to surge, driven by improvements in technologies that give consumers more and better information to use to inform their purchasing. This has, in turn, allowed for a larger cohort of consumers who reflexively demand more tailored solutions.
Personalisation Seekers, representing around half of global consumers, are an increasingly dominant group, as they contain a high percentage of younger, higher income and tech-savvy consumers. Together, these consumers report high willingness to support more customised approaches, even at higher price points.
Personalisation is still niche even in the industries where substantial investments have already been made. As the competitive space has not been defined completely yet, companies have the space to experiment with approaches and build varied opportunities for growth.
Personalised beauty and apparel have generated considerable consumer interest through bespoke options that incorporate tech-forward platforms and experiences like virtual reality try-ons and consultations, novel manufacturing methods like 3D printing, and investments in AI to match consumer and product.
According to an examination of Personalisation Seekers, these consumers overwhelmingly demand that the products and services they support meet their ethical and sustainability considerations, opening an additional pathway for future bespoke offerings.
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