New EY research reveals
Nearly three quarters (74 per cent) of UK consumers would stop purchasing products from a brand whose actions they no longer trust, new findings from EY reveal today. Interestingly, this sentiment increases with age with 64 per cent of 16-24 year olds agreeing compared to 80 per cent of consumers aged over 55.
The research, which is based on a survey of 2,500 UK consumers, looks at whether a brand’s actions has an impact on its customers’ purchasing decisions. Four in five (80 per cent) consumers say they have questioned whether to continue purchasing from a brand that has acted improperly, such as treating its staff poorly. Additionally, 81 per cent of consumers agree that the behaviour of a company is as important as the products it sells. Furthermore, 67 per cent of consumers say they would stop buying a brand if it was bought by a company that had suffered negative publicity.
According to the survey, the corporate values that have the biggest impact on consumers’ shopping habits are the customer experience (86 per cent), the brand having a clear purpose (82 per cent) and good treatment of staff (78 per cent). These values appear to be paramount to the purchase process, with 83 per cent of consumers feeling encouraged to shop with a brand they favour.
Customers are still a brand’s best advocate too. Consumers stated that word of mouth (84 per cent) and online reviews (73 per cent) were the most important external factors considered before purchasing products from a brand. Traditional media still has an impact, with almost half (47 per cent) of consumers stating that it influences their purchases – interestingly, this increases to 63 per cent with consumers aged 25-34.