Emerging trends present unique opportunities for Consumer Packaged Goods (CPG) companies to innovate and differentiate their brands. Understanding consumer behavior is essential to defending shelf space, developing new products, identifying M&A strategies, and more.
Identifying trends early on can help CPG leaders make better decisions about where to allocate their resources—and ultimately boost their bottom line. By getting ahead of new trends, CPG companies can capture a larger market share, strengthen brand loyalty, and stand out from the competition.
Helio aggregates data from multiple sources and presents insights that the CPG industry can use to get a good sense of which new brands and trends are gaining traction and which ones are waning in popularity.
Top CPG Accessories Trends in 2023
Helio helps CPG brands grow with smarter consumer insights. In the accessories space, Helio shows that accessory brands with the size of $10M and up take up most of the market share based on online reviews and social media followers, comprising 90% of the pie.
Helio can help CPG brands stay ahead of the curve in this competitive sector and spot trends before they go mainstream.
So which trends will be the most popular in 2023? Let’s have a look.
Trend #1: Sustainable and ethical products heed the call for conscious consumerism
Sustainability has become a primary trend in the accessories market, with a growing number of consumers looking for eco-friendly products and ethical production methods.
Brands that use sustainable, eco-friendly materials will have a leg up in the market—increasing the demand for sustainable materials like bamboo, cork, and recycled materials.
For instance, Kooshoo makes organic and biodegradable hair accessories such as hair ties, scrunchies, and headbands that are stylish, durable, and do not damage the hair.
Many brands also use ethical production methods to ensure their products are made responsibly. Consumers are becoming increasingly loyal to brands that pay workers fairly while adopting conscious consumerism, zero waste, plastic-free, and sustainable production initiatives.
Trend #2: Personalization is the name of the game
Personalization is becoming increasingly important in a world where everyone can access the same style trends. Consumers want products that reflect their individuality.
Made-to-order services and customized products are leading this trend. For instance, the skincare brand Curology offers custom personal care formulas based on an individual’s skin type.
Some accessory brands’ approaches to personalization include engraving and monogramming. Eyewear brands cater to individual styles by allowing consumers to digitally “try out” the products first. Warby Parker lets its customers order and customize any frame with either prescription optical or sun lenses in what it calls “crossover frames.” Little Earth Productions create uniquely styled products that “tell stories, connect individuals, and bring unexpected joy into our world,” making unique, well-designed and fun merchandise.
CPG brands can leverage Helio to develop a new product that consumers love. As the most comprehensive data and insights platform, CPG companies can access data on customer patterns, consumer attitudes, and key purchase criteria that inform buyers’ decision-making.
Trend #3: The rise of digital connectivity is keeping the youth engaged and loyal to the brand
One of the most exciting trends in the accessories industry is the use of innovative tech strategies—digital showrooms, lab-grown raw materials, 3D printing, smart accessories, and touch-sensitive wearables.
These technologies are driving the accessories space forward and improving the shopping experience—adopting an omnichannel strategy and making consumer decision-making more interactive and engaging.
Emerging technologies are one of the reasons why the younger generation—namely the millennials and Gen Z—are now considered the most brand-loyal generation. They’ll remain loyal to a brand if it continues to give them a positive and rewarding consumer experience.
Trend #4: Plant-based and organic supplements are gaining traction
Plant-based and organic supplements are becoming increasingly popular as people look for ways to improve their health and wellness.
There are a variety of plant-based and organic supplements on the market, and it can be challenging to know which ones are the best for you.
Some popular plant-based and organic supplements include ingredients such as Ashwagandha, Maca, Spirulina, Chlorella, wheatgrass, and barley grass.
Trend #5: Direct-to-Consumer (DTC) sales remain strong
DTC and e-Commerce sales continue to be significant growth drivers for accessories. The trend is driven by a new generation of digital-native consumers comfortable with buying CPG goods online.
Several CPG brands have successfully driven direct-to-consumer sales through their own e-commerce platforms, veering away from sales channels like Amazon and Walmart.
Everlane, House of Wise, Bonobos, and Warby Parker have built strong relationships with their customers by growing their online community, offering high-quality products, and highlighting a solid Unique Selling Proposition (USP).
However, the demand for DTC products has presented new challenges for CPG companies in managing inventory. This business model makes it more difficult for CPG brands to have real-time updates on the location of inventory and fulfillment status.
A growing number of CPG companies are now leveraging the Internet of Things (IoT) technology to beef up their value chain strategy. They are now using data analytics and other business intelligence solutions to stay on top of supply chain disruptions caused by recent events such as the pandemic, lockdowns, natural disasters, raw material shortages, port congestion, and labor shortages.
Helio helps CPG leaders stay ahead of what’s new and now
Helio is the most forward-looking CPG data and insights platform that empowers leaders in Brand Management, M&A and Corp Dev, Insights/Market Analytics, and Innovation/Strategy to discover what consumers want and how they make purchasing decisions—intelligence needed to grow and scale.
With access to over 200 data sources, Helio forecasts industry trends before they peak so CPG companies can stay ahead of the curve.
To learn more about what Helio can do, visit heliodata.com or request a demo today.