Shanghai, China Sep.8, 2015—Nielsen Greater China announced the winners of its inaugural Breakthrough Innovation Awards and released its Breakthrough Innovation Report at its fourth Consumer 360 Forum today. The awards honor the past year’s most successful product launches in China, and the report details new data and insights on consumer demand and product innovation.
Nielsen China’s inaugural Breakthrough Innovation Awards
Creating game-changing innovation is challenging, and turning it into enduring sales is even harder. The Breakthrough Innovation Awards celebrate this exceptional triumph by companies. From July 2013 to June 2014, Nielsen studied 24,654 consumer packaged products that were introduced to the market and determined which products were true breakthroughs in their categories. Only 15 products met the rigorous criteria. Winners are wide ranging from local enterprises, multinational corporations and foreign brands, like Beiersdorf Nivea Men Hydrating Water Burst Serum, Colgate Slim Soft Charcoal Toothbrush Colgate, etc. Each product met Nielsen requirements for distinctiveness, relevance and endurance to earn the top spots. The same Breakthrough Innovation Award has been launched for many times in other markets including the U.S., Europe, South East Asia and India, while it’s the first time in China.
“Successful Innovation – even in China’s fast moving and diverse market – is attainable and can be achieved by creative leaders who pursue, shape, develop and activate on these unmet needs turning them into opportunities,” according to Nicole Alexander, Vice President, Innovation Practice, Nielsen.
Authoritative report analyzes key features of most innovative products
A Nielsen Survey finds consumers in China continue to be “early adopters” of new products. Nearly three out of four respondents (72%) say they purchased a new product during their last grocery shopping trip, compared with 60% of Asia-Pacific and 57% of global respondents. “Developing countries can be attractive markets for new product expansion efforts due to their younger demographic composition, rising middle class population and strong appetite for ‘affordable luxuries,’” said Lynn Xu, vice president of Nielsen China.
Chinese consumers’ strong desire for innovative products fits the growing market trend. Firstly, besides family, friends and TV ads, Chinese consumers tend to get information on the internet, like internet searches, internet ads, social media postings, etc. According to Nielsen, Chinese consumers will continue to rely on internet to get new information. Diversified information spreading channels of internet play a significant role in the adoption of new products. Secondly, Chinese consumers are particularly enthusiastic about innovative products. 43% of the respondents say they are willing to pay a premium for innovative products. Thirdly, Chinese consumers love sharing shopping experience, which refreshes the market presence of quite a few innovative enterprises.
“Today, Chinese consumers’ needs are evolving from functional to emotional and from basic to niche,” said Lynn Xu. “Beyond basic needs, Chinese consumers are looking for a better and healthier life, and trading-up has become a prominent trend China’s consumer market today. In this regard, high-quality products with special features are likely to win more Chinese consumers on their path toward premiumization.”
For more information on Nielsen Greater China’s Consumer 360 Forum event and insights, visit: https://www.nielsen.com/cn/en/events/2015/consumer-360.html .
Nielsen N.V. (NYSE: NLSN) is a global performance management company that provides a comprehensive understanding of what consumers Watch and Buy. Nielsen’s Watch segment provides media and advertising clients with Total Audience measurement services across all devices where content—video, audio and text—is consumed. The Buy segment offers consumer packaged goods manufacturers and retailers the industry’s only global view of retail performance measurement. By integrating information from its Watch and Buy segments and other data sources, Nielsen provides its clients with both world-class measurement, as well as analytics that help improve performance. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the world’s population. For more information, visit www.nielsen.com.
Andrew McCaskill 347.331.5725-US email@example.com