With the UK expected to spend £8.74 billion this Black Friday Weekend and £24.1 billion online across the holiday shopping season (November-December), brands are currently determining how they can become or remain consumers’ first choice when it comes to this season’s spending. Worryingly for them, however, in a recent global survey, Publicis Sapient, a digital transformation company, found that shoppers in the UK are the least likely to stay loyal to their favourite brands.
The survey of over 2,302 Brits and 8,872 globally found consumers in the UK to have the weakest brand loyalty, with 60 per cent admitting to switching brands often or occasionally and a further 33 per cent sharing that they are open to exploring other brands. Just 8 per cent of UK consumers reported that they are loyal to their favourite brands, compared to 23 per cent in the U.S. and 18 per cent in Australia and Germany.
While price is among the key factors driving Brits to buy products from non-preferred brands, experiences are playing a part as well, with 58 per cent ranking positive experiences among their top reasons to remain loyal to a particular brand.
Key stats:
- Younger Brits and Londoners in particular, are the most loyal to their favourite brands, with over 40 per cent of under 35s and 39 per cent of residents in the capital cutting down on purchases elsewhere in order to afford their favourite brands when they have increased prices.
- Men are showing marginally more brand loyalty than women. In a scenario in which alternative brands are offering similar products at a cheaper price, 62 per cent of women agree that they would switch, while only 51 per cent of men agree. 31 per cent of men are also willing to buy products from their favourite brands, even if the price has increased, compared to 26 per cent of women.
- Online presence is extremely important for British consumers determining which product to buy, with nearly half (49 per cent) admitting that online research is influential when considering new products. A similar number (47 per cent) admit to relying on online reviews to choose between brands.
- While 38 per cent of Brits reported that current economic headwinds many are facing have caused their brand loyalty to decrease, 58% admit that there has been no change in recent months, indicating that price, reliability, online information and quality experiences are always important to the majority of UK consumers.
It’s clear that while UK consumers are prioritising the brands that best fit within their budgets, brands looking to attract new customers during this peak shopping season should look to build strong online presences, and then offer customers quality experiences in order to keep them coming back. With 93 per cent of British consumers reporting that they at least occasionally shop from non-preferred brands, the opportunity is for brands with the right digital capabilities to cash in this Christmas and build a loyal customer base for 2024.
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