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Your support makes all the difference.Customers' loyalty to their favorite brands has dropped during the recession, according to research released May 4 by online analyst comScore.
The study, which looked at US consumers, suggests that more and more consumers are ditching their favorite brands because they shop based on price rather than brand preference.
Overall, 15 percent fewer consumers said that they bought their favorite brands for over-the-counter medications and clothing apparel in 2010 compared to 2008. Fourteen percent stated that they bought their favorite health and beauty aids less, whilst 11 percent said that their houseware purchases had been affected.
Consumer loyalty to cough, cold and allergy medicines showed a 15 percent drop, for example, with the same fall reported for jeans.
"A decline in loyalty to consumer goods brands is typically one of the byproducts of a recession as consumers give greater consideration to price," said comScore's Gian Fulgoni.
"Research we've conducted at comScore ARS has quantified the impact of the ‘trading down' effect within a number of different product categories, highlighting consumers' increasing willingness to switch brands in the face of pocketbook constraints."
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