It’s hard to turn on the television or read your daily news updates without seeing a segment addressing rising inflation rates. Several key factors have created a perfect storm for inflation rates nearly reaching a 40-year high; the pandemic, the conflict in Ukraine, high energy costs, supply chain disruptions, and heightened consumer demand have all contributed to price increases across every industry. From the gas pump to the grocery aisle to the housing market, consumers are nervously watching prices increase and business owners are feeling the pressure of raising their prices and cutting costs, while still trying to keep their customers happy and loyal.
2 min read
2 min read
Consumers today have more information, options, and input in how and where they spend their money than ever before - and retaining their loyalty can prove to be a difficult challenge. Marketers are finding that consumers are growing more promiscuous with their brand choices, and the reasons aren’t limited to just one cause. Consumers are brand switching at higher numbers in order to suit their needs and brands must reevaluate the changing territory of consumer loyalty and how to maintain it, especially in light of current market disruptions. In order to overcome these disruptions and loss of loyalty, brands must be willing to uncover and understand the reasons why consumers have become less loyal.