Magazine article Marketing

Consumers Favour Established Financial Brands

Magazine article Marketing

Consumers Favour Established Financial Brands

Article excerpt

The vast majority of consumers (72%) are more likely to buy financial service products from a company with established expertise in that sector, according to research carried out for Marketing.

The results show that despite the efforts of well-known brands such as Tesco and Sainsbury's, and plans by BT (Marketing, October 4) to diversify into financial services, most consumers still prefer to buy from a traditional financial services brand.

Only 11% of consumers said they are more likely to buy financial services products from a brand which is well known, but has expanded into financial services.

Young people between the ages of 16 and 24 are most likely to venture outside the financial institutions to buy products, with 20% saying they would consider purchasing financial services from a brand that was diversifying.

At the other end of the scale, the over-65s prefer to stick with financial specialists. Only 8% are prepared to look outside the conventional brands.

AB consumers are most Likely to go to a specialist, with only 5% saying they would consult a brand not established in finance.

Nearly one fifth of respondents said they did not know whether they would be swayed more by an established financial brand or a well known brand in another sector. …

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