Brands

Consumers varying brands more than before pandemic

Research shows almost 60% of UK consumers feel that if they look hard enough, they can find a brand that fits their exact needs.

Almost half of UK consumers (46%) say they’re buying a greater variety of brands than they were before COVID-19, new data from NielsenIQ shows.

The research shows consumers are also largely in search of their perfect brand match, with 58% of UK respondents feeling that if they look hard enough, they can find a brand that fits their exact needs. The analysis also highlighted:

● 50% of UK consumers prefer tobuy locally made products fromsmall businesses in their area.

● 48% try to support small brandswhere possible, but are finding itharder to find them on the shelf.

● 51% feel that small brands aremore authentic and trustworthy than big brands.

● 58% think that small brands areusually more expensive, but consumersare prepared to pay a bitmore – this is higher than theglobal average (47%).

Lauren Fernandes, Global Director of Thought Leadership, said: “Despite being largely ‘unfamiliar’ by respondents in terms of notoriety, small and medium brands have a great opportunity in today’s changed consumer landscape. Our data shows that price pressures and the ongoing pandemic have changed consumer needs, and their relative expectations of brands of different sizes.”

Among the list of reasons to buy a brand, good value for money (92%) availability (87%) and product quality (85%) are of utmost importance when making their purchasing decisions. As prices continue to rise across categories, affordability is a top reason backing this trend in functional buying.

Fernandes added: “Today’s macroeconomic environment has created a perfect storm for small and medium-sized businesses to connect with consumers.

“But that same storm could shadow smaller brands before than can scale. The key will be finding the right levers, based on the right consumer data, to innovate in meaningful ways.”