Product of the Year Australia 2024

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% of Aussies now
employing cost saving techniques to help stretch the grocery budget further in 2024, according to new research
conducted by Nielsen for POY . The findings have indicated that nearly one in two (45%) 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%) believing that workplaces should purchase snacks for staff, with 90% 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%), cutting back on food
delivery (40%), consuming more home-cooked meals (40%) and reducing food wastage by eating leftovers (38%).
Product of the Year Director, Sarah Connelly says, "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 Nielsen 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 trolly 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.

In addition, the POY winner's trends are also demonstrating that many Australians have health and sustainability as
added priorities, with quality and the source of ingredients ranking high in their consideration set, shown by winners
such as the Coles Joyful Protein Bar Range, and Woolworths Macro Pasture Raised Carbon Neutral Eggs, to name a
few."

Shoppers also gave Woolworths the nod as the leading retailer with the best selection of fresh, healthy, and
organic products. However, value based supermarket chain Aldi has come out on top as the most affordable.
This year, Product of the Year was thrilled to welcome beloved household brands back into the winner's pool,
including the Zero Gravity Mattress from Emma Sleep, Hydralyte Plus and Aussie home-grown brand Koala
Sleep for their Kirribilli Bed Base and Sofa Bed.

In addition, POY are very excited to welcome first-time winners including LeVel Beverages, The Gourmet
Entertainer for their Dried Gin Food, and Tassall with the Australian Tiger Prawns and Tassie Salmon.

Shoppers can be confident when buying Product of the Year category winners as they undergo a rigorous
testing process. A panel of judges, comprising of various industry experts, first tested the products for quality,
credibility, and innovation. The resulting product finalists were then reviewed and voted on by 5,000
Australians. The Nielsen research that determines the winners involves evaluating these consumer responses by
using their six key innovation criteria which include:
1. Relevance – Is the product fulfilling a need or addressing a problem?
2. Uniqueness – Does is stand out and bring something new to the category?
3. Excitement – How excited are they to use the product? Would they spread the word?
4. Likeability – Does it deliver what you want?
5. Distinctiveness – Does it add something new to its category?
6. Innovation – Is it an innovative product?

 

For a full list of the winning products visit www.productoftheyear.com.au