• by Ray Schultz , August 5, 2022

Consumers are restless, and many will leave when a brand irritates them, according to Creating Loyalty In Volatile Times, a study by PwC.

Gen Z is most likely to try a new brand—39% say they would, compared to 35% of millennials and 31% of Generation X. 

Indeed, 32% of Gen Z stopped using or buying from a company in the past year. In contrast, only 27% of millennials and the same percentage of Gen-Xers did so. Overall, 26% of consumers have dumped a brand in the last 12 months.  

Boomers seem stuck in their ways, with only 19% saying they are likely to try a new brand. And 23% did stop patronizing a brand.   

But it all depends on the product area. Consumers are likely to switch restaurants (44%), consumer goods (38%) and supermarkets (36%). And 52% say they would be less loyal if the online experience isn’t as enjoyable as the in-person one.  

On the positive side, 82% of consumers would share some type of personal data for a better customer experience. 

In addition, 87% want a personalized experience, and 53% say value for the price is the leading reason to patronize a firm. 

Why do customers leave brands? They say it is because:

• I had a bad experience with products—37% 
• I had a bad experience with customer service—32% 
• To support issues I feel are important in society—18%
• Prices went up/discounts ended—17% 
• Service was no longer fast or efficient—17%
• I liked the experience with another brand better—15%
• Another brand offered lower prices—11%
• Lack of availability—10%
• I didn’t trust them with my personal data—7%
• Another brand offered a better loyalty program—7%
• Friends/social media recommended other brand—2%

Shoppers prefer personalization that offers discounts and rewards. They want:  

• Discounts/rebates on products I regularly use—48%
• Loyalty program that has flexibility in rewards—43% 
• Easy or fast access to products/services—22% 
• Special access to things I like—17%
• Remembering my preferences—14%
• Offers based on my customer information—13%
• Remembering personal details about me—12%
• Employees know me and respond to my needs—12%
• Products picked just for me—11%
• Seamlessly switch between mobile/online/in-store—8%
• Relationships/partnerships with other brands I like—7% 

PwC surveyed 4,000 consumers.