Fading Brand Loyalty: Price Now Drives Customer Decisions
A recent EY (Ernst & Young) study reveals that over two-thirds of customers consider product price a more decisive factor than brand loyalty, signaling a shift in buying behaviors that challenges traditional brand marketing strategies. Instead of sticking to brand names, 76% of customers are willing to opt for a cheaper substitute when there’s a noticeable price difference. Additionally, 68% are more focused on finding cost-effective options than on brand influence. Due to economic pressures, 59% of consumers regard price as their top consideration in purchasing decisions.
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