From F.O.M.O. to Changxin: A Cross-cultural Exploration of Consumer Response to Newness in the Fast-moving Consumer Goods Industry

Citation

Wilson-Nash C & Xiao S (2019) From F.O.M.O. to Changxin: A Cross-cultural Exploration of Consumer Response to Newness in the Fast-moving Consumer Goods Industry. In: Academy of Marketing Conference 2019: 'When you tire of marketing you tire of life'. Academy of Marketing 52nd Annual Conference, Regent's University London, 02.07.2019-04.07.2019. Helensburgh: Academy of Marketing, p. 64. https://issuu.com/regentscollege/docs/academy_of_marketing_conference_pro

Abstract
The fast-moving consumer goods (FMCG) industry is subject to quick and impulsive decision making by consumers. As a result, new products on the market have an opportunity to be purchased but do struggle to remain on the shelves. New products in EU markets are failing, whilst in emerging countries FMCG brand growth and new product success continues to increase. This paper extends the current literature on new product development, product design and line extensions to explore why newness is more attractive in emerging markets compared to EU markets. Data collected from focus groups in the UK, Brazil and China are analysed to develop four main themes for discussion. Hedonic consumption, utilitarian consumption, touchpoints and self-regulation are involved in the consumer purchasing of new FMCG products. An interesting hedonic consideration is the idea of F.O.M.O, (fear of missing out) or Changxin in China, when not purchasing a product would mean missing out on what others are using and a potentially better alternative to the present product. Finally, the identified themes demonstrate cultural differences between the subject countries and recognise why new products are more likely to be purchased in Brazil and China.

Notes
Output Type: Meeting Abstract