America’s ad industry will shed few tears at the demise of 2002 – a tough, even traumatic, year for many with advertising dollars thinner on the ground than a kind word in Tinseltown.
But it’s an ill wind that blows nobody any good. The third year of the second millennium saw no fewer that 22,000+ launches of new products in the US – more than any year since 1995, according to a new report from the Chicago office of international market research specialist Mintel.
Food products predominated with confectionery brands leading the charge of the newcomers and representing fourteen percent of all food product debuts.
The four strongest categories within food (confectionery, bakery, beverages, and sauces & seasonings) accounted for half of all food product introductions in 2002.
Non-food product launches registered a hefty 31% increase on 2001, within which category vanity segments (cosmetics, soap & bath, skincare, haircare and fragrances) accounted for 82% of total launches – and for a hefty 42% of all packaged goods debuts in 2002.
Launches across all categories were fifteen percent up year-on-year.
Data sourced from: BrandWeek.com; additional content by WARC staff