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Consumer attitudes to premium brands less snobby, expect discounts
A new UK-centric report by ShopperCentric reveals that six in 10 shoppers hate the snobbery around premium brands and don't care where they buy them, as long as they get the same quality for a good price.
There has been an aura surrounding the buying of premium brands in premium stores, at premium prices; driven in part by shopper psychology or, for die-hards, it's just the way it is. The discounting of premium products has also been somewhat of a no-no for marketers. Premium products, with value-deals or discounts, just isn't what their customers need, or want. Or is it?
Almost three-quarters of shoppers surveyed said they "love" to find premium brands on offer, because not only will they get a great product but also at a great price. More than 6 in 10 said they only ever buy premium brands when they are on offer.
ShopperCentric's lastest survey of 1,000 UK adults responsible for household spending found that 59% felt premium brands that never offer discounts and promotions, or distribute via discounters, are out of touch with consumers. Over one third (37%) felt this lack of discounting made brands appear as if they "don't care about their shoppers".
"Brand owners need to acknowledge that times have changed. Shoppers expect bargains and are being more considered in their purchasing," said Danielle Pinnington, Managing Director of ShopperCentric.
"The retail landscape has shifted - although still relatively small, the discounters are growing and more and more shoppers are adding them to their repertoire. So, considering these changes, brand values may also need to flex to make sure the brand stays in touch with its showroom and shopper. Vanity is simply too expensive to maintain in the current climate."
It's time for the democratization of premium, according to ShopperCentric. Today's shoppers don't care where they buy premium brands (70%) and 60% "hate the snobbery" surrounding premium brands.
ShopperCentric's report can be found online in their March 2013 issue of 'Window On'.
Image via Shutterstock
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