Last week, we conducted a dipstick of qualitative interviews to get a sense of where consumers currently stand with their purchase behaviors. Accordingly, we derived a key insight: Consumers feel they are being fooled by brands they are currently purchasing.
The Fundamental Reason: Egyptians consumers feel that brands are not appreciating that they understand their pressures of rising costs by not only increasing prices, which they are forced to adapt to, but also reducing quality of products at the same time, resulting in a double jeopardy.
As a result, they lost trust in most brands they currently purchase, ranging from food and beverages that switch ingredients with cheaper alternatives, to international clothing brands that switch quality of fabrics, while charging higher prices that are “not worth it”.
Surprisingly, consumers understand that costs are increasing, and no one can now maintain the same price. They are even willing to pay the higher prices to maintain brands that, from their perception, they cannot live without.
Yet, after they sensed drastic changes in quality, now they are searching for alternatives out of frustration from brands they were originally loyal to, regardless of increasing prices.
Hence, the importance of fast Qualitative Insights. Now there are new underlying and undiscovered tension points and motivations that are redefining the Egyptian consumer, which needs to be revealed sooner than later for every product category, in every industry.
The more time brands delay in taking action, the more opportunities brands give for consumers to search for alternatives.