After introducing its own food and beverage brand, Good & Gather, Target is introducing a new store brand by the name of Favorite Day that shares more than 700 items that are united by the theme of celebration and indulgence. The range includes everything from bakery goods and trail mixes to ice cream, everyday snacks, beverage mixers to cake decorations. The affordably priced line boasts prices under $15, which promises to make it stand out for special occasions and just-because celebrations.
The collection was based on key shopper insights, specifically the fact that consumers are looking for treats to counter everyday stresses. Within the new line, there are decadent treats like caramel macchiato trail mix, everything bagel croissants, assorted macarons in bright colors and sprinkle-flecked birthday cake ice cream.
Affordable Everyday Indulgences
Favorite Day Shares Products Focused on Celebration & Indulgence
Trend Themes
1. Everyday Indulgence - Consumers are seeking small everyday indulgences as a way to cope with daily stress.
2. Affordable Premium Products - Brands that offer affordable premium products that cater to consumers' need for indulgence will disrupt the market.
3. Theme-based Product Lineups - Brands that offer themed product lineups for celebration and indulgence will appeal to consumers looking for variety and novelty.
Industry Implications
1. Consumer Packaged Goods (CPG) - CPG companies can create affordable premium products that cater to consumers' need for indulgence and help them stand out in a crowded market.
2. Retail - Retailers can offer themed product lineups for celebration and indulgence to appeal to consumers looking for variety and novelty in their purchases.
3. Food & Beverage - Food and beverage brands can capitalize on the trend of everyday indulgence by offering small, affordable treats that consumers can enjoy as a way to cope with daily stress.