Almost half of UK consumers (46%) say they are buying a greater variety of brands than they were before Covid-19. as “price pressures and the ongoing pandemic” have changed consumer needs.
According to the latest NielsenIQ study preview, shoppers are also largely in search of their perfect brand match, with 58% of UK consumers feeling that if they look hard enough they can find a brand that meets their exact needs.
Additionally, 50% of UK consumers prefer to buy locally-made products from small businesses in their area and 48% try to support small brands where possible but find it difficult to locate in the store.
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Around 51% feel that small brands are more authentic and trustworthy than big brands and 58% believe that although small brands are usually more expensive they are prepared to pay a bit more.
“Despite being largely ‘unfamiliar’ by respondents in terms of notoriety, small and medium brands have a great opportunity in today’s changing consumer landscape,” Global Director of Thought Leadership Lauren Fernandes said.
“Our data shows that price pressures and the ongoing pandemic have changed consumer needs and their relative expectations of brands of different sizes.”
Among the reasons listed to buy a brand, value for money remains on top at 92%, availability comes second at 87% and product quality comes last at 85%.
“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,” Fernandes added.
“Today’s macroeconomic environment has created a perfect storm for small and medium-sized businesses to connect with consumers. But that same storm could shadow smaller brands before than can scale.
“The key will be finding the right levers, based on the right consumer data, to innovate in meaningful ways.”
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