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".
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%).
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.
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
