The price of a product or service is obviously a factor in a consumer's purchase decision, but there are other factors that outweigh it, according to a recent survey as reported in Marketing Charts. Almost two-thirds of U.S. consumers (65 percent) say the quality of the brand's product or service is more important than price, but this percentage varies by demographics: Higher for Boomers (77 percent), Gen Xers (69 percent) and Millennials (66 percent), but lower for Gen Zers (41 percent). Convenience outweighs price as a factor in importance 58 percent across all demographics, but again it changes by group: Boomers (66 percent), Gen Xers (57 percent), Millennials (60 percent) and Gen Zers (44 percent).
Read more at Marketing Charts: https://www.marketingcharts.com/brand-related/brand-loyalty-232397
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