Lower-cost items and home-brand options land the top spot at the 2023 Product of the Year (POY) Awards, one of the world’s largest consumer-based awards programs.
Now in its 14th year, the leading category award winners were supermarket chains Coles and Woolworths for their home brand, deli, and bakery products, with Coles bringing home 11 awards and Woolworths five in the 33 categories.
Other brands back in the winners’ circle include Colgate, Birds Eye, Moccona, and Lyre’s, while first-time winners include Rokeby Farms’ eco-friendly ReMilk, Roll’d Vietnamese Sauces and The Comfort Mattress from The Emma Sleep Company.
NielsenIQ research conducted for Product of the Year found that 84 per cent of shoppers are using cost-saving techniques in their weekly budget, with one in two shoppers admitting they had switched to low-cost or home-brand options to save money. Almost half (42 per cent) claim to choose more affordable produce and fresh meat cuts, with 37 per cent opting to buy less than usual.
Sarah Connelly, director of POY, shared that the rising cost of living has changed the FMCG landscape, with affordability the most important factor for many consumers.
“Typically, during a recession, you will see many people cut back on holidays and indulgent expenses like eating out, but interestingly, the data indicates something else is happening entirely,” said Connelly.
“Only a third of Aussies reported that they cut back on splurge-like expenses such as dinners and food delivery, instead opting to switch to cheaper brands, buy fewer groceries or reject their favourite brands altogether.”
Long lockdowns, she said, people are much more likely to sacrifice household goods if it means getting the opportunity to go out, socialise and enjoy things they missed during the pandemic.
In addition to pantry staples, health and well-being products are still a priority, with 10 out of the 33 winners in the health, pharmacy, and cleaning categories, including products from Bioslim, Inner Health, Hydralyte, and Voltaren.
A panel of industry experts – including Inside FMCG’s features and premium editor Dean Blake – tested the nominees for relevance, uniqueness, excitement, likeability, distinctiveness, and innovation. The final products were then reviewed and voted for by 5000 consumers.
The full list of winners is:
