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Irish Consumers More Likely To Purchase From Familiar Brands

67% Of Irish Respondents Would Consider Value Options 

A new study conducted by Nielsen has found that 60% of Irish consumers prefer to buy new products from a familiar brand. The Nielsen Global Survey of New Product Purchase Sentiment surveyed more than 29,000 Internet respondents in 58 countries revealing underlying consumer sentiment toward new product innovations.

The research found that brand familiarity is a key characteristic that resonates with consumers, with almost two thirds saying they prefer to buy from a familiar brand. However, consumers also want variety, with 58% saying they like when a manufacturer offers new product options.

Just under a quarter of respondents (23%) say they are early purchasers of new product innovation, while 63% say they are generally willing to switch to a new brand.  

The Nielsen survey also found that proof-of-concept and value for money influenced purchasing decisions – over half (56%) will wait until a new innovation has proven itself before making a purchase and a majority (67%) of Irish respondents say they would consider value or store-brand options when available.

Economic factors unsurprisingly influence purchase decisions as 47% of Irish respondents report that challenging economic conditions make them less likely to try a new product and only a quarter (28%) indicate a willingness to pay a premium price for a new product (versus 39% Global average).

In terms of preferences for local and global brands, Nielsen’s survey reveals two in five (40%) Irish respondents are partial toward local options over large global brands.

Commenting on the research, Karen Mooney, Nielsen Media, said: “In order for consumers to adopt new brands, strong awareness, trial-building campaigns, visibility in-store, supported by a positive product experience is needed. With 54% of Irish respondents saying they like to tell others about a new product they purchased, generating positive word-of-mouth endorsements will be essential to enhance the likelihood of new product success.” 

via http://checkout.newsweaver.co.uk/1otsfaxigoj15p5jjp492w?email=true&a=2&p=32085375&t=17673024

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