Consumers are still accumulating cheap products

By: Trademagazin editor Date: 2020. 09. 15. 11:59

Customers are becoming more price-sensitive as a result of the protracted health emergency, and retaining them is therefore a major challenge for even the largest companies, according to EY’s international research of more than 14,000 people. This trend is mainly conducive to the popularity of private label products, which are widespread in retail. Leading brands need to take immediate action if they want to stop the migration of their customers.

Most people still do not like to move out of their homes (41%) and prefer to accumulate (45%) basic household goods and food, according to the EY Future Consumer Index. In this situation, the majority of consumers also pay much more attention to their spending. Two-thirds of those surveyed (64%) still procure only the most essential products to date, and nearly half (48%) have postponed more serious expenses such as replacing a car or furniture.