The relevance of this paper is based on the analysis over the last decade of the demographic profile transformation in Latvia, taking into account ageing population, the growing influence of the Latvian business potential, focus on the new product development. The definition of the product itself will be examined in order to create a projection of the new product value potential for the next decade. The hypothesis behind the paper is analysed from perspective of time. Time has become the core product value about which modern consumer is ready to pay for. Thus, it puts the product definition in question in the context of the developing information technologies, uncontrolled growth of information streams, of which both had an effect on the paid product perception. Hence, the most important question is: what is value proposition of the product or service perceived and valued by the modern consumer?