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When you think about loyal customers, Gen Z is probably not the first generation that comes to mind, right? Well, you’ll be surprised to learn that 61% of Gen Z shoppers actually identify as “forever customers,” per Medallia Market Research’s latest Consumer Views on Brand Loyalty study.
- In comparison, only 57% of millennials and 43% of boomers said they would call themselves “forever customers.”
Overall, it seems, customers are pretty loyal. More than 70% feel some degree of loyalty toward a brand they’ve had a recent interaction with, although only 24% would call themselves “very loyal” to that brand.
So what drives this deep or forever type of loyalty? Of course offering a good price, especially in this economy, never goes unappreciated.
- Of the more than 2,000 US customers surveyed, 46% said that price was the top factor in determining if they’d become a “forever customer to a brand,” followed by product quality (39%), product selection (30%), and experience (29%).
Speaking of experience, a consumer can just as easily get turned off by a brand as they can become loyal.
- Of those surveyed, 59% said they swore to not shop at a retailer again after a bad experience, while 37% said it took just one bad experience to totally write a brand off.