2017-18 was a great year for innovation, as shoppers responded positively to premium propositions while satisfying their need for both health and indulgence. Though we didn’t always see completely new brands on our shelves, brand extensions by established favourites into new categories and formats still delivered successful innovation in this sector. Brands also became more aware of their social media reach, but social channels remain a limited focus for now. Despite innovation making a significant contribution to Australian FMCG growth, only one brand generated more than $100m worth of sales in its first year.
IRI ‘s New Product Pacesetters report examines all that is new and innovative in Australian FMCG. Perhaps most importantly, we consider what successful innovation looks like - from new product development, to brand extensions, using limited editions to drive growth and understanding the multiple meanings of ‘premium’. Beyond products, we look at how brands are foregoing traditional broadcast advertising and looking to the immense power and reach of ‘influencers’ on social media to drive a deeper connection with their shoppers and supercharge their product launches.