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:
Shoppers prefer personalization that offers discounts and rewards. They want:
PwC surveyed 4,000 consumers.