Over 5,000 Australian shoppers have had their say and cast votes for their favourite supermarket and everyday products, in the annual Product of the Year Awards (POY) for 2024.
The world’s largest consumer-based awards program is now in its 15th year in Australia, recognising product innovation, and serving as a shortcut for shoppers, saving them time and money when finding the right products.
It’s no secret that rising inflation rates are having an impact on Australian households, with 86 per cent of Aussies now employing cost saving techniques to help stretch the grocery budget further in 2024, according to new research conducted by NielsenIQ for POY . The findings have indicated that nearly one in two (45 per cent) Aussies are switching to home brand options in order to make these savings.
Alongside this, 3 in 5 are making the ultimate “snack-rifice” and removing indulgent foods and snacks like chocolates, desserts and premium nuts from their shopping lists, in order to cut down costs.
Whilst Aussies might be cutting back on these indulgences at home, the expectation now falls to employers to provide these, with half of Australians (48 per cent) believing that workplaces should purchase snacks for staff, with 90 per cent of young working professionals believing this should be mandatory as bosses look to keep morale up and keep people in the office environment.
Aussies are on a mission to save whilst they shop, and how they are doing this is good news for big grocery retailers! For 2024, the leading number of Product of the Year category awards were taken out by supermarket chains Coles and Woolworths for their home-brand, deli and bakery products, with Coles taking 19 of the 44 award wins, and Woolworths taking home an impressive 10 product prizes.
With Aussies feeling the pinch of the rising cost of living more so than ever, this is having a trickle-down effect into the way they make their shopping decisions, with many switching to home brands and lower cost alternatives, as well as opting to do their shopping at a sole retailer, in order to avoid overspending across multiple stores.
Other cost-cutting tactics Aussies reported also included switching to cheaper cuts of meat (42 per cent), cutting back on food delivery (40 per cent), consuming more home-cooked meals (40 per cent) and reducing food wastage by eating leftovers (38 per cent).
Product of the year director, Sarah Connelly said, “The rising cost of living has definitely changed the FMCG landscape, with afford-ability and ease being the leading driver behind the way Aussies shop. The NielsenIQ findings highlight how Australian consumption habits have shifted considerably, with the cost-of-living crisis echoing through many households.”
“Whilst snacks and treats were commonplace in the shopping trolley before living expenses started to increase exponentially, these are now classed as luxury items rather than a need, with many shoppers viewing snacks as a low priority when it comes to feeding the family.”
To find a full list of this years winners, click here.