The 2024 Bev50 report highlights surprising beverage industry trends. Consumer choices are increasingly driven by emotion rather than function. This shift is reshaping the landscape of drink brands.
Emotional drivers in consumer behavior are linked to feelings, experiences, and impulses that guide purchasing decisions based on how a product makes someone feel or how it aligns with their self-image. Functional drivers, on the other hand, are tied to rational considerations like a product’s practical benefits, features, or ability to solve a specific problem.
The report reveals that impulse and experience are now top factors in beverage industry trends. Brands that pay attention to these emotional drivers are seeing success, even at higher price points. For example, Liquid Death, a canned water brand, is gaining popularity not for its hydration benefits but for its edgy branding that makes consumers feel cool.
Traditional soda brands face challenges in this new environment. The report shows that brands like Coca-Cola and Pepsi remain popular but lose ground to more emotionally engaging alternatives. Energy drinks and sports drinks are particularly good at leveraging the impulse factor.
While price concerns are growing, they don’t always correlate with actual cost. Consumers are more price-sensitive about routine purchases than about newer, more exciting brands. This opens up opportunities for premium products that offer unique experiences.
For beverage companies, appealing to the emotions of their customers is what will make them stand out. Brands that can create excitement and align with consumers’ desire for instant gratification will likely keep up with beverage industry trends.
