Solid products win out over bargain prices, study finds

NEW YORK: Although about 75% of consumers are anxious about the economy, they increasingly factor in quality over price when analyzing the value of a product or service, according to a global Value Study from Euro RSCG Worldwide.

NEW YORK: Even though almost 75% of consumers are anxious about the economy, they increasingly factor in quality over price when analyzing the value of a product or service. A global Value Study from Euro RSCG Worldwide, released on May 5, found that, compared to February 2008, there was a 25% increase in the number of consumers who buy based on quality over price.

"Despite what many marketers and retailers may think, it's not all about price — consumers find value in feeling smart about purchase decisions and investing in brands they trust," said Andrew Benett, co-CEO of Euro RSCG New York and global chief strategy officer of Euro RSCG Worldwide, in a statement. "There is a tremendous opportunity for marketers to resonate with consumers by communicating brand value as a core commitment to quality, tradition and customer service."

When it comes to customer service, 80% of those surveyed said they want companies to "show a human face." Top-notch customer service (67%) and trust in a company (58%) are important factors in the decision-making process, as well, while a company's commitment to making a difference was only mentioned by 38% of respondents.

More than 1,500 people were surveyed across the US, France, and the UK for the study.

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