Consumers ‘savvy’ to limited edition products
More than half (57%) of consumers are aware that limited edition products are used by brands to increase product sales and almost a third (30%) feel that they are a marketing ploy, according to research conducted by Instantly.
The survey of 1,504 UK consumers looked at how limited edition products affected purchase intent, consumer perceptions of the products and which brands were leading the way in terms of familiarity with the respondents.
McDonald’s came out on top with its Great Taste of America menu being recognised by 54% of respondents, closely followed by blue M&Ms with 52%. There were also a variety of other limited edition products that received widespread recollection from respondents, such as Walkers pulled pork crisps, peanut butter KitKat and the latest Magnum flavour – pink raspberry.
Other key findings include:
- Trying new flavours was identified as the main reason (63%) behind the purchase of limited edition products with ‘unique or cool’ packaging also playing a part (42%)
- Consumers (43%) see limited edition products as seasonal and would be more encouraged to purchase a product tied to a seasonal taste or trend (39%)
- Respondents felt brands could launch and sell limited edition products more effectively by stronger awareness of short term availability (50%), promotion on social media (45%) and by ensuring the product ties naturally to the brand without feeling forced (39%).
Ben Leet, UK MD of Instantly, says, “In a competitive market, brands are always looking for ways to drive sales and the launch of limited edition products can be an effective way to do that. Our research has given brands an insight into their target audience, allowing them to reassess and demonstrate a greater affinity with their customers through the display and promotion of these exclusive products.”
