Is innovation the new hope?

By: Trademagazin editor Date: 2020. 11. 10. 22:12

In mid-October a Hungarian National Panel representative survey with 800 respondents tried to find out whether the pandemic changed how consumers view new innovations. In spite of the fact that in theory a change in consumption habits isn’t beneficial from an innovation perspective, the proportion of consumers who are searching for new products in stores grew from last year’s 31 percent to 40 percent in 2020. The results also indicate that shoppers trust new brands more than before.

What is the connection between the pandemic and being open to innovations?

Guest author:
Adrienn Dorogi
senior research specialist
NMS Hungary

45 percent of respondents said they have been more open to product innovations since the breakout of the pandemic, 34 percent have the same attitude towards them as before and only 21 percent are less interested in new products. Since shoppers visit stores less often and they go there with long lists, they are more likely to put a new innovation in their basket because this gives them a positive feeling, a good experience at a time when there isn’t much fun to be had elsewhere because of the pandemic.

The most interesting innovations

Shopping is much more the source of experiences than before, and this is also indicated by what shoppers consider to be an innovation in comparison with 2019: this year a much bigger proportion of them said any kind of improvement or change in a product was an innovation, and in general much more consumers receive new innovations positively. In 2020 the most popular innovations for shoppers is a new, more modern packaging design, using degradable or recyclable materials and making the packaging more practical.

In which categories do shoppers expect innovations the most?

The majority of shoppers are looking for new innovations in the household cleaner, beauty product, bakery item and confectionery categories. Although shoppers now think of any product change as an innovation, the proportion of those who actually try these is lower. In the last six months 44 percent of shoppers tried a new fragrance or flavour from a brand they know – this was the highest proportion; almost as many as they opted for a new, more practical packaging. 93 percent of those who tried the new-type packaging were satisfied and 84 percent said the new fragrance of flavour was good. However, the majority would only pay 10 percent more even for the most attractive product innovation. //