Loyalty from a consumer to a brand is the most important thing for brands in these unpredictable times. With the economy reaching new depths and taxes on the people rising, loyalty to their favorite brands is not exactly what is on citizens’ minds.
According to a survey conducted with 4000 people from different generations and presented in a study by PwC, Gen Z is the one that is most likely to try different and emerging brands as 39% say that they would do so in contrast with the 35% of millennials and 31% of Generation X.
Certainly, 32% Gen Z respondents stopped buying or using a company’s products in the last year and with them, 27% of millennials and Gen Xers dumped a company. Overall in the past year, 26% of consumers have stopped using products from different brands. Only boomers seem to be sticking to the old ways as 19% of the older generation said that they were likely to try out an undiscovered brand and as another step forward 23% of Boomers did stop belittling a brand for any reason at all.
In the end, it all comes down to the category as to where the product belongs. 44% of customers are the most likely to switch to a new restaurant, also for Consumer Goods (38%) and supermarkets (36%). In addition to this 52% of consumers say that they would be less loyal to any of the businesses belonging to any of the above-mentioned sectors if their online experience was not in the same way enjoyable as the in-person one.
On a brighter note, 82% of customers said that they would gladly give up their data if it meant that it will result in better consumer service for them. Adding to this 87% of consumers are looking for a personalized experience and 53% of them say that the pricing of the brand (which can sometimes be overpriced but sometimes rightly so) is the reason why they patronize a brand.
Now there is the question of why consumers are starting to leave brands that they have been loyal to for years. Well the answer is here, and most consumers say that they leave brands because:
According to a survey conducted with 4000 people from different generations and presented in a study by PwC, Gen Z is the one that is most likely to try different and emerging brands as 39% say that they would do so in contrast with the 35% of millennials and 31% of Generation X.
Certainly, 32% Gen Z respondents stopped buying or using a company’s products in the last year and with them, 27% of millennials and Gen Xers dumped a company. Overall in the past year, 26% of consumers have stopped using products from different brands. Only boomers seem to be sticking to the old ways as 19% of the older generation said that they were likely to try out an undiscovered brand and as another step forward 23% of Boomers did stop belittling a brand for any reason at all.
In the end, it all comes down to the category as to where the product belongs. 44% of customers are the most likely to switch to a new restaurant, also for Consumer Goods (38%) and supermarkets (36%). In addition to this 52% of consumers say that they would be less loyal to any of the businesses belonging to any of the above-mentioned sectors if their online experience was not in the same way enjoyable as the in-person one.
On a brighter note, 82% of customers said that they would gladly give up their data if it meant that it will result in better consumer service for them. Adding to this 87% of consumers are looking for a personalized experience and 53% of them say that the pricing of the brand (which can sometimes be overpriced but sometimes rightly so) is the reason why they patronize a brand.
Now there is the question of why consumers are starting to leave brands that they have been loyal to for years. Well the answer is here, and most consumers say that they leave brands because:
- They had a bad experience with one or a few of their products, say 37%
- 32% say that they had a sort of history with the brand’s consumer service
- 18% say that they left the brand to support some issues that they feel have importance in society
- Because prices went up and discounts stopped coming, say 17%
- The quality of their service went down-17%
- 15% like their time with another brand better
- Another brand had better prices that were in my budget, say 11%
- They weren’t available everywhere-10%
- 7% of consumers said that they don’t trust that brand with their data
- And lastly, through Friend/Social media another brand was introduced to me
