3 key takeaways: 1/ Economic optimism is growing, fueled largely by Millennials, and consumers are looking for more than just the lowest price. 2/ Brand loyalty is immensely valuable. Brands need to satisfy consumer desires in several key areas to maintain it. 3/ The consumer desire for personalization is clear.
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MarigoldEconomic optimism is growing, fueled largely by Millennials, and consumers are looking for more than just the lowest price.
- 51% have made a purchase from an email in the last year, compared to 50% for social media advertisements, 49% for social media posts, 30% for SMS/MMS messages, and 21% for banner advertisements.
- 50% of consumers are optimistic about the economic outlook – highest for Millennials at 65% and lowest for Baby Boomers at 31%. Sizable numbers of consumers cite product/service quality (65%), convenience (58%) and excellent customer service (53%) as factors more important than price when it comes to making a purchase decision.
Brand loyalty is immensely valuable. Brands need to satisfy consumer desires in several key areas to maintain it.
- 78% will pay more to shop with the brands they’re loyal to – a rise of consumers from 72% a year ago. 80% or more of consumers cite the following as either important or critically important to maintaining their loyalty: customer service/support, data privacy policies, product/service quality, options and availability.
- 77% of Gen Z and 81% of Millenials cite they are likely to engage with messages about brand purpose-related activities, compared to 62% of Gen X and 53% of Baby Boomers.
The consumer desire for personalization is clear.
- 91% of consumers say their favorite brand treats them like an individual.
- 84% of consumers cite they are likely to engage with a personalized offer tailored to their interests.
- 81% think personalized birthday offers are “cool,” while 77% think the same about product recommendations based on past purchases.
Methodology:
The Consumer Trends Index is an annual research study designed to impart brands with consumer data and insights critical to developing effective relationship marketing strategies.
For the 2024 United States iteration, Marigold, in conjunction with Econsultancy, surveyed a total of 1,012 U.S. consumers.
FIELD DATES: September 2023 – November 2023
Source: Marigold
