Small Is BIG

Judy Galloway, of G-group Market Research, says small is in— from samples to trial sizes—and the millennials have the power to save the economy.

Written By: Judy Galloway

Author Bio: Judy Galloway is the Managing Partner of G-group Market Research and teaches Consumer Behavior in the FIT Master’s Program in Cosmetics & Fragrances Marketing and Management Program. G-group Market Research conducts qualitative, quantitative, online and On the Street research and specializes in tracking trends. Judy can be reached at [email protected] or (212) 873-1122.

G-group Market Research publishes the G-Ometer Report, which tracks the characteristics, contours, and contradictions of our culture. This year we published six trends to consider incorporating into your perspective and planning.

Trend #1 Collaboration is Capital Well Spent – actively collaborating with
your customers is key to success.

Trend #2 Urban Everything – cities are where the action and opportunity is,
yet there is a yearning and reverence for nature’s allure.

Trend #3 Health and Wealth Merge – consumers will increasingly actively
manage their health in a myriad of ways.

Trend #4 Search for Happiness – new fulfilling structures will emerge including business as a force for good and a crusade.

Trend #5 Small Is BIG – from samples to trial sizes to a reduction in standard sizes, small is BIG.

Trend #6 Not to Worry, Youth Is Here – the Millennials are amazing. They
have the abilities to re-energize the U.S. economy.

Let’s look more closely at Trend #5 – Small Is Big. Expect smaller wardrobes, smaller meals, smaller cars, smaller homes, smaller product sizes—smaller everything. Attention spans are shorter, budgets have been slashed, and energy is scarce. Consumers are budgeting and conserving their cash. Building better, higher power options in smaller sizes and offering smaller assortments, all while working with smaller staffs is critical to success.

Consumers of all ages continue to say that the most compelling way to interest them in a new product is to give them a sample. Look for samples, trial and travel sizes to continue to grow in appeal. Small differences in component sizes and content can allow brands to hit motivating price points. Fragrance is already seeing the success of smaller sizes and a calibrated 30-day supply with automatic re-delivery makes purchasing very consumer and brand friendly. Think about how small can increase the size of your business.