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NEW YORK While times may be tough, consumers are not making purchase decisions based on price alone. Instead, says a new study, they’re relying on their perception of value when deciding which brands to buy. In fact, consumer expectations regarding brand value went up 20 percent from 2008 to 2009, according to the Brand Keys Customer Loyalty Engagement Index.
Brand Keys polled 26,000 consumers of 441 brands in 63 categories earlier this year. When considering their purchases, said Brand Keys president Robert Passikoff, consumers use a “price-value formula … to calculate brand differences and to decide which brands to buy.”
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