New Products Going Unnoticed
As the economic crisis grows, Americans are paying less attention to new product launches, posing a serious challenge for emerging businesses, according to a recent survey.
Of 1,000 consumers polled in September, 69 percent could not recall a single product launch this year. About 22 percent said they remembered when the Wii Fit hit the market, while 16 percent remembered the iPod Touch.
The survey was conducted by Mintel International and IRI, two research firms based in Chicago, along with Schneider Associates, a Boston PR firm.
Lynn Dornblaser, Mintel's trend insight director, blamed the decline in interest on the souring economy.
"From higher food prices to unemployment to housing scares, economic struggles seriously affected the way many people lived this year," Dornblaser said in a statement.
The survey also found that five of the top 10 most recalled product launches were linked to familiar food and beverage brands, including Bud Light Lime, McDonald's Southern-Style Chicken Biscuit and Sandwiches, Kraft Mac and Cheese Crackers, Gatorade G2, and Yoplait Fiber One.
"We found that 'a trusted brand name' ranked as the number one quality respondents looked for when buying new products," Char Partelow, a senior vice president at IRI, said in a statement.
Partelow said many Americans were simply less interested in taking a risk on new products in 2008.