Consumers Purchase Preferred Brands, Regardless of Price
Marigold’s 2023 Digital Consumer Trends Index research finds brand loyalty is on the rise as consumers report a willingness to pay more to purchase from their preferred brands.
Marigold’s 2023 Digital Consumer Trends Index research finds brand loyalty is on the rise as consumers report a willingness to pay more to purchase from their preferred brands.
Marigold, in partnership with Econsultancy, released its 2023 Digital Consumer Trends Index report — a global study across consumer and brand engagement trends. The research found that 59% of consumers will happily pay more to purchase from their favorite brands, which has increased 4% since 2022.
More from the report:
- Consumers report valuing having a good product or service (77%), customer service (77%), product availability (80%) and having a range of options (81%) as important factors that influence brand loyalty.
- A third (33%) of consumers have switched away from a previously favored brand - a 6% increase since 2022. 33% switch due to a lack of offers and promotions.
- 52% of consumers purchase a product directly as result of receiving an email. This figure is 108% higher than SMS and banner ads and a 4% growth year-over-year.
For more insights, download the full report here.