Even as technology advances, the working population finds themselves strapped for time at an increasing rate. This leaves workers with less leisure time and time for family and friends and results in the desire to make the most of what free time is available. Capitalizing on down time means consumers value experiences over things and want the time they do have with family and friends or in leisure pursuits to be as high-quality as possible.

Today’s wage earners have been defined in Euromonitor’s report on “The Global Struggle for Work-Life Balance and its Impact on Consumer Markets” as “cash-rich” and “time-poor.” This combination leads them to actively seek ways to achieve balance. One of these ways is making sacrifices at work. In fact, the Euromonitor report indicates that Millennial consumers are more willing than the preceding generation to change jobs or make sacrifices at work in order to attain more harmony between work and life. A survey completed by Robert Half’s UK team reveals that the most cited reason for Brits changing of jobs was an attempt to maximize work-life balance.

The always-on, constantly connected and home-as-office mindset of today’s employees makes them grateful for flexibility, but they also find it hard to establish clear distinctions between where work life ends and personal life starts. Couple this fuzzing of boundaries with the increased awareness of, and resulting demand for, “me-time” that younger consumers expect, and you have the perfect recipe for consumers looking for ways to “edit” the more mundane or time consuming aspects of life, things like commuting, housework, bill paying and meal planning and preparation.

This need, along with the focus on quality leisure time, creates an immediate demand for products and services that are convenient, efficient and high-quality.

Travel. Consumers are looking for experiences over things, and experiencing new places, exotic foods and interesting people fills the bill. Travel related goods and services that create a sense of uniqueness, personalization and experience will resonate with purchasers.

Food. Convenient, pre-packaged foods that are also high-quality and cater to dietary preferences are in high demand. The rise of protein drinks such as Soylent underscore the focus on minimizing time spent on necessities to enjoy life’s discretionary time.

Technology. The always-on mindset translates to “can I do this quickly on my phone.” Technology platforms that solve problems and save time for today’s consumers are in constant demand. Think about how a brand like Uber brought its product to the market by way of location-centered, easy-to-use technology.

Retail. The demand for wearables, smart wear and the Internet of Things is growing at a rapid pace. Owlet infant booties apprise parents of their baby’s well being, Om Signal’s smart bras track fitness performance and Link AKC’s Smart Collar pinpoints your dog’s exact location. Additionally, omnichannels that allow consumers to readily pick between brands are a technology solution for the time-strapped nature of today’s consumer.

Health. Today’s cash-rich working population is health-conscious as well, so product categories including fitness trackers, packaged health foods, home work-out gear, supplements and organic based products are growing.

To find out more about how your brand can turn these consumer product opportunities into sales, contact Cornfield & Partners at info@cornfieldpartners.com or call us on +44 (0) 20 7692 0873 today.

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