Consumers Choosing Price Over Brand Loyality, Says EMarketer
Two-thirds of consumers worldwide who switched brands in the past year were driven by better deals, emailed eMarketer Thursday. Some 58% were looking for better product quality and 46% product availability, said the market research company. Unsteady supply chains and…
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rapid inflation are making it hard to build brand loyalty, eMarketer said, saying 71% of consumers worldwide switched brands at least once in the past year. For private label brands and direct-to-consumer companies, the trend offers an opportunity to draw in cost-conscious shoppers, but “brands will have to market beyond price to keep them,” it said. Some 55% of consumers prioritize price over brand when buying consumer electronics, it said, citing YouGov figures.