In times of economic uncertainty, consumers often must forfeit their brand loyalties in pursuit of the best deal. With their pennies in peril, every purchase consumers make must be properly considered to ensure they make the right choice for their family's financial situation. And, as their shopping behaviors come unglued, consumer stickiness continues to lose its hold on the average buyer.
According to the Corporate Executive Board's latest study on brand loyalty, consumers are increasingly searching for the best deal available, spending significant amounts of time researching their future purchases and finding social shopping offers that relieve their wallet woes, even if only slightly. The following statistics highlight the trends and behaviors beginning to dominate the consumer sphere:
- When it comes to making general purchases, 54 percent of consumers had a product in mind at the beginning of their shopping cycle, while only 31 percent had a specific brand in mind.
- In comparison to their buying habits one year ago, 36 percent of consumers polled said they now buy the store brand more often.
- Thirty-one percent of respondents search for the best deals more often than one year ago.
Additionally, three trends emerged during recession, cemented by technology: