Majority of consumers would switch brands for a discount

According to Talking Retail, the research analysed more than 1,000 consumer buying habits as a result of the economic downturn, and looked at how this behaviour could be influenced by promotions. Consumers were asked which types of promotions would most likely persuade them to change from their usual brand. Nearly half (48 per cent) said they would be tempted by a bogof, 39 per cent said a price discount, 3 per cent said a free gift, 1 per cent said a prize draw, and 1 per cent a charity endorsement. The research also found that 60 per cent of consumers think an immediate reward is the most important aspect of a promotion. Stephen Bentley, chief executive of Granby Marketing Services, told the news source that the results were worrying. He said that with the economy being as it is, it is difficult to compete with a brand that simply discounts.

However, he also commented that brands that have used short-term, price-led promotions over investing in a long-term relationship with consumers "will struggle to establish a connection that isn't based on solely price."