According to Esade, consumers continue to be "brand-oriented" despite the crisis
Posted: Tue Dec 17, 2024 5:09 am
Consumers continue to be "brand-conscious" despite the current economic situation having led to a "massive" shift in consumption towards lower-priced products, according to the book 'Reinventing Business' presented by the professor of Marketing Management at the Escuela Superior de Administración y Dirección de Empresas (Esade), Josep-Francesc Valls.
In this sense, the book highlights that although consumers "look for the cheapest" , there is a large number of people who "remain attached to brands" , so they replace the purchase of a high-end product from a brand with a cheaper product from the same firm.
However, consumers also demand that "benefits be clearly displayed in relation to their value and the price they are willing to pay ," which is why Valls points out that "in periods of teacher data high price sensitivity, the stronger a brand is, the greater the probability of success in retaining its customers . "
The author has analysed the mass consumption sector, which includes food and drugstores, and has observed "a general shift towards low prices for white brands" , as well as a change in consumer perception, as they now consider that white brands and manufacturer brands have the same quality.
Likewise, as regards detergents, another product evaluated by Valls, the economic situation has led consumers to save on the consumption of this good.
As for textiles and beer, Valls concluded that most of the "leaking" consumers "are looking for better prices", but for the same brand .
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In this sense, the book highlights that although consumers "look for the cheapest" , there is a large number of people who "remain attached to brands" , so they replace the purchase of a high-end product from a brand with a cheaper product from the same firm.
However, consumers also demand that "benefits be clearly displayed in relation to their value and the price they are willing to pay ," which is why Valls points out that "in periods of teacher data high price sensitivity, the stronger a brand is, the greater the probability of success in retaining its customers . "
The author has analysed the mass consumption sector, which includes food and drugstores, and has observed "a general shift towards low prices for white brands" , as well as a change in consumer perception, as they now consider that white brands and manufacturer brands have the same quality.
Likewise, as regards detergents, another product evaluated by Valls, the economic situation has led consumers to save on the consumption of this good.
As for textiles and beer, Valls concluded that most of the "leaking" consumers "are looking for better prices", but for the same brand .
You may also be interested in: Claranet, awarded at the SVC Awards 2013
Related articles:
According to a new study, brand names would be successful if they cost the same as white label brands
Smartphones and tablets, devices that continue to increase and influence the development of mobile marketing
In times of crisis… price wars and bargain-seeking customers
Simple tips and considerations to keep in mind when interacting with your consumers online
Bad practices in Digital Marketing – Brands and Consumers 2.0.