Consumers in Southeast Asia are more open to trying new products, compared to global counterparts, said a Nielsen study.
Television advertising plays a key role in conveying product information – 10% of Malaysian consumers rank television as their number one source of new product information and 46% rank television advertising second as their top sources of influence in looking to buy new products.
Recommendations from family and friends was the top ranked influencer, and third most influential means was by seeing it in a store. This was followed by internet search and social media postings. (See Chart 1).
About two thirds of Malaysian consumers prefer to buy new products from brands which are familiar to them (63%, compared to 59% globally) and liked it when manufacturers offer new product options (63% versus 62% globally). A third of Malaysians say they are an early purchaser of new product innovation (33% versus 39% globally).
A third of Malaysians (34%) will try a new product if its affordable to them followed by personal recommendation (22%) and family suitability (19%). (See Chart 2).
In terms of new product demand, Malaysians indicated products which centered on affordability (57%), convenience (37%), health (36%) and natural ingredients (34%) as a key focus. (See Chart 3).
Johan Vrancken, head of Nielsen’s innovation practice in Southeast Asia, North Asia and Pacific, said,“Brand competition is intense and shelves are crowded so knowing the channels which are most effective in delivering new product information is crucial.”
“We know there is increasing awareness of a focus on health and sustainability across the region and these latest findings certainly highlight that demand,” Vrancken added.
The findings were based on Nielsen’s Global New Product Innovation Survey which polled 30,000 online respondents in 60 countries to understand consumer attitudes and sentiments about the drivers behind new product purchase intent.