A taste for new things
The Nielsen Global New Product Innovation Survey, which polled more than 30,000 consumers in 60 countries throughout Asia-Pacific, Europe, Latin America, the Middle East, Africa and North America, found that around the world, consumers have a strong appetite for innovation, with three out of five global consumers (57 per cent) buying a new product in their grocery shop.
This trend, however, is not paralleled in Australia, which falls 20 percentage points lower than the global average, at 37 per cent.
This air of caution extends to the key motivating factors and limitations behind trialling new products. Only a quarter (26 per cent) of Australian consumers said they were early purchasers of new product innovation (compared to 39 per cent globally), while more than half (52 per cent) said they would wait until the innovation has proven itself before buying.
The study found that trust in established or known brands is extremely important, with 58 per cent saying they preferred to buy new products from familiar brands, and 54 per cent preferred to purchase new products from local or large global brands.
Convenience is key
According to the survey, convenience (24 per cent) and affordability (23 per cent) are the top reasons by consumers for purchasing a new product. Price is a particularly important barrier to entry with just 34 per cent of consumers saying they are willing to pay a premium for innovative new products – 10 percentage points lower than the global average of 44 per cent.
When it comes to the new products Aussie consumers wish were available but are not currently, products at affordable prices are the most desired by a wide margin. Forty percent of respondents say they wish more affordable products were available, 12 percentage points above the next highest attribute – products made of natural ingredients (28 per cent). This was followed by products fitting a healthy lifestyle (21 per cent), and new food products (20 per cent).