Over 60 percent of Turkish consumers say they are buying a greater variety of brands than they were before the COVID-19 pandemic, according to a recent study.
Consumers are also largely in search of their perfect brand match, with 72 percent of respondents feeling that if they look hard enough, they can find a brand that fits their exact needs, NielsenIQ’s “Balancing Act” research shows.
The study, which focuses on how inflationary pressures are changing the way small and medium brands can justify their worth and remain aligned to the core values sought by consumers, highlights important data regarding consumer preferences.
“Our study shows that 62 percent of Turkish consumers prefer to buy locally made products from small businesses in their area, while 65 percent try to support small brands where possible,” said Didem Şekerel Erdoğan, managing director for Turkiye and NielsenIQ Analytics vice president for the Middle East and Africa.
“Moreover, 54 percent feel that small brands are more authentic and 46 percent think that small brands are usually more expensive, but consumers are prepared to pay a bit more,” she added.
Small and medium brands have a great opportunity in the changed consumer landscape, according to Erdoğan.
“Our data show that the pandemic has changed consumer needs, values and priorities, and this has had a significant impact on their buying behavior. Good value for money 94 percent, product quality [91 percent] and availability 90 percent are of utmost importance,” she said.