June 8, 2017
Time scarcity has intensified in light of more dual-earner families and long/non-standard employment hours. The boundaries between work and private lives have blurred. With time at a premium, time itself has become a form of currency, evidenced by popular convenient products commanding significant price premiums (even if consumers are now becoming more reluctant to pay).
Demand for ease and convenience derives from being time-poor and a perception of not having enough time to do all the things that one wants or needs to do. Convenience needs pervade all aspects of life, forcing dependence on highly efficient and effective products that better facilitate busy lifestyles and maximize leisure time.
Whether people actually have more or less free time than they used to (the evidence is conflicting and perceptions are often worse than the reality) is largely irrelevant as consumers focus on leisure-time maximization regardless. So, irrespective of whether time compression is self-imposed, convenience attributes (both the type and timing of convenience) become important coping tools.
According to Tanvi Savara, Consumer Insight Analyst, GlobalData – the majority of consumers want to minimize the amount of time they spend on doing chores such as cleaning and laundry. As such household care manufacturers need to develop products that help people increase their leisure time in their weekly routine, and minimize time spent on chores. Multi-functional products that offer several benefits in one can save the consumer time and even storage space. They are also viewed to be better value for money by 44% of respondents.
The report “TrendSights Analysis: Time Scarcity” outlines the various trends and consumer insights.
Trends
- Financial pressure and economic anxiety in today’s world has intensified the need to work more and for longer placing greater restrictions on personal “downtime”.
- “Age of connectivity” has fueled an “always on” mode among consumers seeking instant gratification from the products and services they use
- Desire for simplicity fuels demand for time-saving products.
Consumer Insights
- Millennials heavily rely on time-saving products, and are most likely to work long hours and/or have a long commute compared to other cohorts.
- 35-44 year olds are most likely to rely heavily on time-saving products. Juggling child-rearing with other commitments is a primary reason for this.
Content of the Report
- Trend Snapshot
- What is Time Scarcity?
- Why is Time Scarcity important?
- Who is driving Time Scarcity?
- How can Time Scarcity be capitalized on?
- What Next in Time Scarcity?
- Appendix
Key benefits of buying this profile include:
- Gain insight into the different routes through which products can align with consumers’ time scarcity – formulation, packaging,, and formats.
- Compare the presence of this trend in each industry across the FMCG space, and learn what the key opportunities are.
- Identify the innovation implications of Time Scarcity for your sector
About GlobalData
GlobalData is a leading provider of global business intelligence including market, competitor, and product and customer information. It provides in-depth research, analysis, data and forecasts through a range of interactive online databases, reports and management briefings. GlobalData has a large team of experienced research and analysis, consulting, and marketing experts. It has a global presence, including key offices in the US, Europe and Asia. The group has over 50 years of experience of delivering market intelligence data and analysis and a highly experienced senior management team.
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