Disloyalty levels are on the rise among the world’s consumers, with just 8% of people considering themselves to be committed loyalists when it comes to their favourite brands, according to a global consumer study conducted by global measurement company, Nielsen.
Nielsen’s Global Consumer Loyalty demonstrates that consumers are actively on the lookout for new brands as the gamble of buying new products is de-risked by levers such as rising income levels in developing markets. A significant 42% of global consumers say they love trying new things and nearly a further half of consumers – whilst preferring to stick with what they know – can be moved to experiment.
Globally, 39% of consumers single out value for money as the key factor influencing their choice of brand, followed by enhanced or superior quality (34%), price (32%) and convenience (31%). Meanwhile, only 28% of consumers are influenced by the fact that a brand is well known and trusted.
Price reductions/promotions (24%) and value for money (23%) were the clear influencers of brand choice in Switzerland. Ranking next in importance was whether the product ingredients are locally sourced and manufactured (14%) and whether the product is of superior quality (12%).
Overall, consumers’ willingness to try new brands is on the rise – 46% of global consumers say they are more likely to try new brands they have never tried before, compared to five years ago.
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