Nielsen has released a new report [download page] looking at consumer attitudes to new products, finding that 1 in 2 survey respondents from around the world are generally willing to switch to new brands. But, respondents – who were surveyed online – also displayed some caution, with 6 in 10 preferring to wait until a new innovation has proven itself before purchasing, and the same percentage preferring to buy new products from brands that they are familiar with.
Interestingly, value plays a significant role, as 64% of respondents said they would purchase a store brand or value option. An Ipsos study released in May 2012 found that two-thirds of consumers in the US believe that store brands are as good as national brands – if not better – in offering innovative products.
Word of Mouth Key Source of New Product Information
Further results from Nielsen’s “Global New Products Report” indicate that 59% of respondents like to tell others about new products. Indeed, word-of-mouth communications play a critical role in new product purchase decisions. 77% of respondents said they were much or somewhat more likely to buy a new product when they learned about it from friends and family, while two-thirds said the same about their decisions when becoming aware of a new product from a professional expert.
Traditional advertising also has a role to play: seeing a product in-store (72%); a free sample (70%); and TV advertising (59%) each influence a majority of consumers to buy a new product. Not to be outdone, online channels are growing in influence, with two-thirds of respondents pointing to active search as an influence in their buying decision.
About the Data: The Nielsen Global Survey of New Product Purchase Sentiment was conducted between August 10 and September 7, 2012 and polled more than 29,000 online consumers in 58 countries throughout Asia-Pacific, Europe, Latin America, the Middle East, Africa and North America. The sample has quotas based on age and sex for each country based on their Internet users, and is weighted to be representative of Internet consumers and has a maximum margin of error of Â±0.6%. This Nielsen survey is based on the behavior of respondents with online access only. Internet penetration rates vary by country. Nielsen uses a minimum reporting standard of 60 percent internet penetration or 10M online population for survey inclusion.