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A Global study – Consumers value quality over price

24 Oct

GLOBAL: Almost half of consumers globally are prepared to switch brands to one they perceive to be of a higher quality, even if the price is higher, a new survey has revealed.
Ipsos OTX, the global innovation centre for market research firm Ipsos, polled 18,503 adults in 25 countries and found that 45% subscribed to the notion that “you get what you pay for”.

On a scale from one to five, where five is most likely to switch to a brand believed to be of better quality, even at a higher price, and one is least likely, 18% scored the statement at a five and 28% at four.

One in three (32%) were neutral, offering a rating of three, while just 23% disagreed, giving ratings of one (11%) or two (12%).

Geography was not an obvious factor as those providing a four or five rating hailed from both developed and emerging markets. Consumers in Norway (62%) were most likely to prioritise quality over price, followed by Sweden (57%), India (56%), Indonesia (56%), Mexico (54%), Brazil (52%), Germany (52%) and Turkey (52%).

Similarly a middle pack of neutrals included South Africa (51%), Argentina (50%), China (49%), Russia (49%), South Korea (49%), United States (47%), Canada (44%) and Spain (44%).

Those least likely to agree were from France (42%), Australia (40%), Great Britain (37%), Saudi Arabia (37%), Hungary (36%), Belgium (34%), Italy (33%), Poland (28%) and Japan (25%).

Socio-economic variables appeared a more likely pointer as to whether or not a global consumer would switch brands for quality, even if the price was higher.

Ipsos OTX found that those with a high household income (57%) were considerably more likely than those with medium (45%) or low incomes (38%) to agree.

Education levels were also an indicator of a consumer’s propensity to switch, as those with a high level (53%) were more likely to do so than those with medium (46%) or low (39%) education levels.

Interestingly for marketers, there was also a correlation between social media activity and the likelihood of choosing quality over price. Active users of social media were more inclined (50%) to agree with the quality over price statement than passive (45%) or inactive (38%) users.

Data sourced from Ipsos OTX; additional content by Warc staff, 23 October 2013

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