Loyalty scarce among Malaysians as many consider trying new brands, finds study

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Loyalty scarce among Malaysians as many consider trying new brands, finds study

Only 9% of Malaysian consumers consider themselves to be committed loyalists when it comes to their favourite brands, slightly higher than the global average of 8%. According to Nielsen’s global consumer loyalty study, 44% of consumers say they are now more likely to try brands they have never tried before compared to five years ago. Another 22% say that they now have a larger set of brands in their repertoire, but still prefer to stick to brand names they know.

Meanwhile, only 31% say that they still continue to buy their favourite brands every time they shop, as they did half a decade ago.

Also, 44% of Malaysian consumers say they love trying new things and although 47% of them prefer to stick with what they know, they can be moved to experiment. Chocolate and biscuits (53%) and fruit juices (45%) top the list for categories where brand switching is more prevalent.

On the other hand, Malaysians are brand loyal when it comes to personal care products, with 46% saying they only choose from one or two shampoo and hair conditioner brands, and 45% choose from one or two skincare brands including body lotions, moisturisers and body wash.

Monetary factors are the main influences for switching brands, with 49% of Malaysians saying that they are always swayed if a product demonstrates value for money. Meanwhile, 47% will switch for price reductions or promotions. Only 35% are influenced by the fact that a brand is well known and trusted.

On a regional level, Asia Pacific has the highest brand-switching propensity, with 47% willing to switch brands or try different products, closely followed by Africa and the Middle East (45%) and Latin America (42%). Consumers in North America and Europe are somewhat less likely to switch brands, at 36% and 33%, respectively.

For full report: https://www.marketing-interactive.com/loyalty-scarce-among-malaysians-as-many-consider-more-brand-options-finds-study/?utm_campaign=20190905_mktdaily&utm_medium=email&utm_source=MY&utm_content=listing

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