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Consumers are driven by value more than anything else. About two-thirds of consumers worldwide who had switched brands in the past year were looking for better deals. More than half were seeking better product quality.
Beyond the chart: Unsteady supply chains and rapid inflation are making it hard to build brand loyalty. Over the past year, 71% of consumers worldwide switched brands at least once. For private label brands and direct-to-consumer companies, this trend presents an opportunity to draw in cost-conscious shoppers—but brands will have to market beyond price to keep them.
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