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.