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Insight of the Day: How Often Are Consumers Looking for New Products Rather Than the Same Brands?

Findings:

  • Satisfaction with Product Selection: 62% of US consumers feel there are enough product choices in most categories.

  • Desire for Improvement and Variety: 47% want better/more functional products, while 47% want new/different or more options.

  • New Product Spending: B2C product companies, especially CPG firms, plan to increase spending on new product introductions.

  • Category Differences: Consumers seek new products more frequently in Food than in Household Items.

  • Browsing for New Options: Consumers enjoy exploring new products in Clothes more than other categories.

  • Loyalty vs. Exploration: Consumers are more loyal to brands/products in Household Items and Personal Care, while more open to exploration in Clothes.

Key Takeaway:

While consumers are generally satisfied with product choices, there's a strong desire for both improved functionality and new/different options, varying by category. Brands should focus on innovation and catering to category-specific consumer behaviors.

Trend:

The trend reflects a balancing act between consumer satisfaction with existing options and a desire for novelty and improvement. This presents an opportunity for brands to innovate and differentiate themselves.

Target Consumers & Age Group:

  • Primary Target: The report focuses on US consumers in general, not a specific age group. However, younger demographics might be more inclined towards new/different options, while older ones may prioritize functionality and familiarity.

  • Secondary Target:  B2C product companies, especially in the CPG sector, should pay attention to these findings for their new product development strategies.

Conclusions:

  • The majority of consumers are content with current product selections, but there's a significant portion seeking more variety and improved functionality.

  • New product development remains crucial for brands to capture consumer interest and loyalty.

  • Understanding category-specific preferences for novelty and exploration is key for successful product launches.

Implications for Brands:

  • Innovation Focus: Invest in research and development to create products that offer both improved functionality and unique features.

  • Targeted Offerings: Tailor new product launches to specific categories, considering consumer preferences for novelty and exploration.

  • Customer Engagement: Actively engage with consumers to understand their needs and desires, especially in categories where they are more open to trying new products.

Implications for Society:

  • Consumer Choice: A balance between innovation and familiarity ensures that consumers have diverse choices while still being able to find products they trust.

  • Economic Growth: Investment in new product development can stimulate economic growth and create jobs.

  • Sustainability:  Innovation should also focus on sustainable practices to minimize the environmental impact of new products.

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