Consumers Protest Brands' 'Greedflation,' Public Controversies
- by Steve Ellwanger , April 26, 2023
With 80% of 2,000 consumers believing that brands are using inflation as an excuse to raise prices, 88% would switch from their preferred brands to save money—with grocery items at the top of the list.
The same survey by consumer research platform Attest indicated that more than half (55%) of …
Branding is totally misunderstood by so many! This article is a clear example on how brand totally misunderstand their own game. The brand doesn't really exist except in the mind of the final customer. Yet, many brands flub so many aspects of it! Ultimately, the only purpose of branding is to add a meaningful differentiator to it so that a customer will pay a premium price. Anything that detracts from that mission is either a waste or criminal negligence on the part of the brand manager.
Oh... and this finding: "Among the 80% of respondents who believed brands were involved in “greedflation”—defined as using inflation as an excuse to hike prices—nearly 60% felt “more needs to be done” to protect consumers and stop brands from doing so."
Have you noticed that when having a problem, a lot of people revert to dictatorships? "More needs to be done"? Consumers have the power. If you don't like what a brand is doing... don't buy it!