DRIVING BRAND LOYALTY DURING INFLATION:
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Reports of record inflation and predictions of an impending recession dominate the headlines lately. And in the grocery space — where year-over-year prices have been known to soar by as much as 13% — consumers aren’t turning the page on these developments. Instead, they are taking a critical step: reevaluating their spending habits to compensate for the shaky economic picture.
But there’s more to the story than this, with brands and retailers alike facing multiple challenges as 2023 nears. Between rising grocery prices, fluctuating gas prices, labor shortages, and supply chain disruptions, keeping shoppers “in the brand” is becoming increasingly difficult.
In fact, from the numbers, it’s clear that the leaky loyalty bucket has more holes in it than ever.
WHY INVESTING IN MARKETING IS
IN TOUGH FINANCIAL TIMES
Price increases have driven nearly
of shoppers to switch brands
90%
50%
Of grocery shoppers who have switched brands, more than
purchase an alternate brand because it has a lower price or they have a coupon
However, strategically investing in promotions can help retain and even boost customer loyalty during these tumultuous times. Here’s why it’s a “must-do.”
Critical
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