newismWhy more than ever, consumers lust after

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newism
trendwatching.com/trends/newism
July 2012
Why more than ever, consumers lust
after the new. And why that spells
heaven or hell for brands.
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
whole world is spewing forth (ever-better) new
1. CREATIVE >
DESTRUCTION
2. FSTR
3. EXPERIENCE
CRAMMING
4. STATUS
STREAM
5. TRYSUMERS
6. TO HAVE IS TO
(H)OLD
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.
Here are half a dozen forces propelling
NEWISM into even more prominence »
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NEWISM
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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
(our sister-company).
2 million patents were
applied for in 2010, up
from 1.4 million in 2000
(Source: World Intellectual
Property Organization, December 2011)
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NEWISM
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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.”
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NEWISM
4
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.”
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NEWISM
5
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’.”
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NEWISM
6
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.”
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NEWISM
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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.”
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NEWISM
8
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.
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NEWISM
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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 sistersite 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
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Monday, 13 August 2012
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