Brand loyalty dwindles as shoppers seek best deals
A survey of 2,000 consumers revealed that 73% of people would reject a leading brand’s product if they could get a similar one for less from another brand.
Shoppers confessed to feeling loyalty to just seven brands – this is down by over 50% compared with five years ago, when they confessed loyalty to 15, the report said.
It also found that consumers will check prices of eight different products on average, before purchasing an item over the value of £100.
Sales of unbranded products have rocketed in recent years, as reflected by the success of stores like Aldi and Lidl, which sell many copy-cat products.
Furniture, electrical appliances and household products were the categories which consumers feel the least brand loyalty towards.
Comparatively, food and drink, fashion and cosmetics were the sectors which consumers feel the most loyalty to.
Victor Stoica, managing director at ElectriQ, which carried out the research, said: “Shopping around for a better deal grew during the recession, and many consumers have continued to shop this way in the time since. Many are happy to trade out a family favourite for an almost identical product from a less well-known brand, if it means saving money.”