Brand remains more persuasive than price for food and beverages
European consumers are universally drawn to brands when purchasing alcoholic beverages but the brand vs price battle is a lot closer when it comes to food and non-alcoholic beverages, according to a nine-country European survey on consumer brand and price awareness carried out by the GfK Association.
The survey found that price was most paramount to German and Austrian consumers when it comes to buying and this applies to around 60% of them in the case of food and soft drinks. However, the consumers in other European countries surveyed were found to be more brand-aware. For example, the brand label is the decisive factor for seven out of ten Spanish and Polish consumers when they buy food and soft drinks. Overall, despite the turbulent market conditions, brand remains a slightly more persuasive factor than price when it comes to food and beverages.
And, when it comes to alcoholic beverages, in all nine countries surveyed, the brand proved to be the dominant factor. Three quarters of the French, Spanish, Poles, British and Dutch and half of the German and Austrian consumers surveyed on their choice of beers, wines and spirits based their choices on brand names.
The link between personal values and brand-awareness
The survey also discovered a clear link between the personal consumer values and brand awareness. Irrespective of nationality, it is the individuals who, by their own admission are: looking for more fun and enjoyment in life, want to live well, in many cases try to develop their own ideas, want to be successful and want recognition from others; who place a high value on branded products. In addition, more than any others, brand-aware consumers have a strong desire to possess expensive items and to lead a more exciting life than their fellow human beings.
