NielsenIQ: 58% of South African consumers say they're buying a greater variety of brands than before Covid
According to the latest NielsenIQ study released today, 58% of South African consumers say they’re buying a greater variety of brands than they were before Covid-19. Consumers are also largely in search of their perfect brand match, with 76% of South African respondents feeling that if they look hard enough, they can find a brand that fits their exact needs.
These findings appeared in the Brands Balancing Act, which focuses on how inflationary pressures are changing the way small and medium brands can justify their worth and remain aligned to the core values sought by consumers. The analysis also highlighted:
- 55% of South African consumers prefer to buy locally made products from small businesses in their area
- 62% try to support small brands where possible, but are finding it harder to find them on the shelf
- 48% feel that small brands are more authentic and trustworthy than big brands
- 43% think that small brands are usually more expensive, but consumers are prepared to pay a bit.
NielsenIQ global director of Thought Leadership, Lauren Fernandes says: “Despite being largely ‘unfamiliar’ by respondents in terms of notoriety, small and medium brands have a great opportunity in today’s changed consumer landscape. Our data shows that the pandemic has changed consumer needs, values and priorities, and this has had a significant impact on their buying behaviour.”
Amongst the list of reasons to buy a brand, good value for money (97%), availability (96%) and a satisfying customer service (95%) are of utmost importance when making their purchasing decisions. As prices continue to rise across categories, affordability is a top reason backing this trend in functional buying.
“With 48% of global respondents saying that they plan to buy more from smaller brands in the future, clearly, the small and medium sized businesses who can understand motivators for purchase in this new landscape will most likely benefit from consumers’ updated preferences,” says Fernandes. “Today’s macroeconomic environment has created a perfect storm for small and medium-sized businesses to connect with consumers. The key will be finding the right levers, based on the right consumer data, to innovate within this space.”
NielsenIQ, a global information services company, delivers the gold standard in consumer and retail measurement, through the most connected, complete, and actionable understanding of the evolving global, omnichannel consumer. NielsenIQ is the source of confidence for the industries we serve and the pioneer defining the next century of consumer and retail measurement. Our data, connected insights, and predictive analytics optimise the performance of CPG and retail companies, bringing them closer to the communities they serve and helping to power their growth.
NielsenIQ, an Advent International portfolio company, has operations in 90+ markets, covering more than 90% of the world’s population. For more information, visit NielsenIQ.com.
Courtesy of Bizcommunity – Full article here