10 April 2024 12:14 am Views - 329
Sri Lanka’s middle class consumers are willing to shift from established brands to cheaper, lesser-known alternatives, or even try unbranded loose products at a time of shrinking wallet,
The survey found that 28 percent of lower middle class segment, 24 percent of upper middle class segment and nine percent of high income segment shifted from established brands to cheaper, lesser-known alternatives, or even tried out unbranded loose products over the past three months.
However, Sparkwinn Research stressed that the consumer still expects high product quality despite their willingness to readily purchase unpopular brands without hesitation.
“Consumers are willing to shift from established brands to cheaper, lesser-known alternatives, or even try unbranded loose products. However, quality remains a concern. If the alternative product falls short, they’ll likely switch back to their preferred brand, albeit in a smaller size to manage their budget. This highlights the importance of finding a balance between affordability and quality when adjusting grocery shopping habits,” Sparkwinn elaborated.
Meanwhile, in high income groups, consumers are more likely to be loyal to brands in an effort to retain quality of products consumed. But, they are likely to switch if another product delivers the same quality at a lower price. There is reluctance to purchase discounted products where quality is compromised, the
study highlighted.