The quality of products and services continues to be significant for UK shoppers despite the rising cost of living, according to new research by regulatory compliance firm, Ideagen.
The study, entitled Building Trust In Uncertain Times, found that 31% of UK shoppers prioritise quality, with more than half of Gen Z and Millennials (54%) and 43% of 25-34-year-olds putting more emphasis on it.
Ideagen commissioned Walnut Unlimited to interview a representative sample of 2,000 adults in Great Britain for the study.
The survey unveiled that while the cost-of-living crisis has put a greater emphasis on price, consumers are not willing to compromise on the quality of goods and services.
Over a third (34%) ranked quality as being important when making a purchase, above convenience (3%) and customer service (2%).
Unsurprisingly, however, price emerged as a key consideration for purchasing decisions, with over half (58%) citing it as their number one priority.
The study also found that there has been some reduction in the quality of products and services, with one in 10 consumers reporting a noticeable decrease.
'Fine Line Between Cost And Quality'
Ben Dorks, CEO of Ideagen commented, "Businesses are walking the fine line between cost and quality and these results suggest they can’t afford to cut corners, even in poor economic climates.
"People are paying more for goods and services and expect to see and feel more for their money. Our report underscores the ongoing importance of quality and safety for consumers and the need for companies to prioritise it. While cost continues to be important, it goes hand in hand with quality, and consumers aren’t willing to compromise on the latter despite challenging times."
When it comes to determining quality, a third (33%) said the use of raw ingredients was a key indicator, while 17% cited regulation, the data showed.
Younger demographics, more receptive to social media and influencer marketing, place a greater emphasis on reviews, with nearly a third (31%) in the 18-34 age group citing this as a key quality indicator.
Read More: TikTok Tops For Social Media-Based Shopping, Study Finds
Quality supersedes price and convenience while making purchasing decisions for food and medicines, even for those in lower socioeconomic households, the study found.
More than half (51%) said quality was important to them while buying food, while nearly two-thirds (63%) said the same for medicines.
In other areas, quality and safety were also a priority, with 29% saying safety was a deciding factor when booking a flight and 17% said the same for financial services purchases.
The study also found that shoppers are now more aware of quality symbols, with 76% of consumers saying that they pay attention to at least one quality or safety symbol when purchasing products and services.
Some 55% of respondents more likely to pay attention to a quality standard symbol if it is food-related, the study found.
Fairtrade (85%), British Lion Quality (71%) and Red Tractor (71%) symbols were cited as the most identifiable.
© 2023 European Supermarket Magazine – your source for the latest A-Brands news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.