Disloyalty levels are on the rise among the consumers, with just 6% of Pakistanis considering themselves to be committed loyalists when it comes to their favorite brands, according to a global consumer study conducted by global measurement company, Nielsen.
Nielsen’s Global Consumer Loyalty demonstrates that consumers are actively on the lookout for new brands as the gamble of buying new products is de-risked by factors such as rising income levels in developing markets. A significant 54% of Pakistani consumers say they love trying new things and nearly a further 40% of consumers – whilst preferring to stick with what they know – can be moved to experiment.
Furthermore, 47% of consumers single out value for money as the key factor influencing their choice of brand, followed by brand trust (40%), price reductions/promotions (40%), and convenience (33%). Meanwhile, another 33% of consumers are influenced by enhanced or superior quality.
Overall, consumers’ willingness to try new brands is on the rise – 49% of consumers say they are more likely to try new brands they have never tried before, compared to five years ago.
This highlights that a larger proportion of consumers (closer to half) in developing markets including Pakistan are enthralled with new products demonstrating an increase in brand-switching, given that historically retail and product assortment in these markets have been informal and limited, with only two or three product options on the shelf per category.