The world of commerce is fierce, and competition is tough. Every day, new players enter the market and try to win over consumers. In this context, it’s not easy to win the loyalty of the general public. The online survey institute Attest has come up with some ideas to help brands retain their customers, especially in times of economic crisis.
The study was carried out in May 2023 among a sample of 2,000 Britons.
As a result of inflation, 83% of consumers in the UK are turning to cheaper brands than their usual favorites.
According to Attest data, Millenials are the least loyal. 88% of them confide that they have no reluctance to change products and look for cheaper alternatives.
Gen Z, on the other hand, are loyal. 77% of 15-25 year-olds say they are not prepared to change their habits for the sake of price. “This is an important distinction, showing that marketers shouldn’t lump all consumers under 40 together and, perhaps, that Gen Z loyalty can be nurtured and developed,” Attest points out.
In the top 3 product categories that consumers are prepared to downgrade, we find:
• Groceries (82.6%)
• Cleaning products (63.6%)
• Cosmetics (41.9%)
Changing behaviors
Generally speaking, Attest observes a trend towards “deconsumerism”.
“38.6% of respondents are spending less on personal care products. It is worth noting, however, that members of Generation Z seem to be the least thrifty and the most determined to maintain their lifestyle.”
And the panelists are not optimistic about their financial situation. 36.3% responded that they thought the situation …
