In Data: No consumer loyalty as cash-strapped consumers spoilt for choice.

A report from McKinsey & Co. reveals that consumer loyalty is declining due to factors such as affordability over sustainability and increased interest in wellness products. The global pandemic has caused approximately half of consumers to switch products or brands, and this behavior continues as consumers remain open to exploring alternatives. In advanced markets, over a third of consumers have tried different brands and 40% have switched retailers in search of better prices and discounts. The report also highlights that weakening brand loyalty is not limited to a specific age group, as older consumers are now embracing new brands and alternative retailers. Private-label brands have benefited from this shift, with 36% of consumers planning to purchase private-label products more frequently. GlobalData suggests that building customer loyalty in the apparel industry is challenging due to the saturation of similar products and numerous options available to consumers. The article also emphasizes the importance of a streamlined and efficient supply chain in maintaining customer loyalty, as errors or issues in the supply chain can lead consumers to purchase from other retailers. [Extracted from the article]