CONSUMER PSYCHOLOGY & BRANDS

COVID-19 And Understanding Consumer Behaviour

Trust & Leadership

Small businesses will need to reassure consumers that their environment and products are safe, if they expect people to choose them. Trusted brands have the advantage here. They have already built up those positive mental associations. There is a clear opportunity for brands to rationally reduce personal health and safety concerns. Consumers are currently looking to brands for trustworthiness and leadership.

Offer reassurance of the safety of your shop, pub or restaurant and remind people why they love going there. Keep talking to your customers. Emotions influence behaviour, so by invoking the right mix of emotions you can take your small businesses a long way. Your customers need a reminder as to how much they will enjoy the experience when they come back to it.

Value For Money

Consumer prices in Ireland fell by 0.5 per cent year-on-year in May, a five-year low. The most notable dips were in clothing and footwear, communications, and furnishings and household maintenance which fell 5.4, 5.3 and 3 per cent respectively. Transportation also dipped by .31 per cent, largely due to lower prices for petrol and diesel. Increases were recorded in health insurance premiums and in the price of personal care products.

Consumers are increasingly turning their attention to prices. Brands that demonstrate strong value-for-money perceptions will prosper. Something to consider:

  • Discounting is tempting during recessions but it creates downward pressure on margins.
  • Don't focus too much on short term cash.
  • Don't buckle under consumer price pressure.

To prove your worth to the ‘recession mindset’, add more value to your product or service to create growth.