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05 September 2024 / Quick Take
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Copy LinkConsumer behaviors are often predictable but quantifying the scale of behaviors that are changing can shape a company’s future actions. Customers often complain about rising prices but if they feel companies are going too far, they get upset, even if they cannot immediately act on those feelings (i.e., electricity prices rising but the utility provider is a monopoly), And there are many segments and situations where short-term sentiment can have a long-term impact.
Loyalty is compromised. Customers are upset about rapidly rising prices over the last 12 months. However, when asked if their level of dissatisfaction led to changes in buying behaviors, many say they are sticking with the same companies and buying the same amount—especially in product or service segments where it is hard to change, or choice is very limited.
% reporting: “I am upset, but I still buy the same amounts from the same companies.”
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