New study reveals consumer insight on product launches

Nearly three quarters (74 percent) of consumers are excited by product launches, but only 28 percent end up remembering them, according to research by UK-based marketing agency Five by Five. 

The report, which surveyed 2,000 UK adults, found that half of consumers have even waited in line to buy a new product with men more likely to do so than women.

One in eight women (13 percent) have waited in a queue to buy newly-launched cosmetics. Yet technology product launches proved to be the biggest draw with 21 percent of respondents admitting to having waited in line to buy new technology (up to 26 percent among men), 18 percent to see a new movie and 15 percent for a new book.

The consumer technology sector achieved the highest ranking for building anticipation when it comes to launching something new (32 percent said it was best), followed by the video games industry and the TV/movies sector.

Apple was the brand most people selected as creating the most memorable launches, particularly for products such as the iPhone and iPad.

Websites were identified as playing an key role in product launches with over half (51 percent) of consumers wanting to see online offers or competitions, while 38 percent want video content and 35 percent want behind-the-scenes information.

One in eight consumers (12 percent) has attended a launch event, but over a quarter (27 percent) weren’t impressed by the event.

Jo White, Managing Director at Five by Five, said: “The appetite for new products and services is clear for all to see and a great launch should be the springboard for success. However, the fact that so few have been truly memorable shows there’s a huge opportunity for brands in this area.”