In today's rapidly evolving marketplace, understanding the shifts in consumer loyalty and preferences is more crucial than ever. Our latest Consumer Pulse report sheds light on these very dynamics. Here's a snapshot of what's influencing consumer behavior today:
The current state:
In a fascinating dive into brand loyalty, our latest findings highlight a generational divide in allegiance to well-known national brands. While nearly half of Millennials (49%) and Gen Z (50%) consumers prioritize purchasing these brands, only 31% of Boomers share this sentiment. This shift underscores the evolving nature of consumer trust and the value perception of products across different age groups.
How we’re feeling right now:
- 55% of consumers admit to relying on the internet for guidance when exploring unfamiliar categories or brands.
- 70% have found appealing alternatives in private label brands when their preferred national brands were unavailable or too costly.
- 59% of respondents want to experience the products before purchasing.
Why it matters:
The landscape of consumer trust is ever-changing. While traditional brand loyalty isn’t extinct, there’s a notable trend toward the exploration of new brands, influenced heavily by digital platforms and changing drivers of value. The ebb and flow relationship between the consumer and the brands they interact with emphasizes the need for brands to adapt their strategies to build and maintain trust.
Do you want to take the Pulse of your customers? Our Insights team will partner with you to design a study to help you better understand your customers and their problems, and how your brand can win at retail.
To get additional insight into what this means for brands and retailers, read the entire study.
