What impact is the economic crisis having on the Belgian consumer’s buying behaviour? To discover the answer, the Vlerick Brand Management Centre conducted a quantitative study of the Belgian consumer in times of crisis. Here are the results of this unique consumer research initiative.
In May 2009, 500 Belgian consumers − representative of the Belgian population between the ages of 21 and 65 − were asked about:
Consumer confidence has a particular impact on the buying behaviour of the average Belgian. People who view the future as less than bright are going to consume less today, are less loyal to a particular brand and look for lower-priced alternatives.
However, despite the persistently negative news reports, the study has found that the majority of Belgians see their own situation as bright for the coming year. In fact, 76% of Belgians think that their family’s financial situation will at least remain the same or will even improve. When it comes to the health of the country, though, people are more cautious. Only 45% expect the Belgian economy to perform better in the coming 12 months. Belgians think that this will especially be reflected in higher unemployment figures (82% of Belgians think that unemployment will rise further). But all things considered, these percentages indicate that the Belgian consumer is going through the crisis with confidence.
The vast majority of Belgian consumers are remaining loyal to brands that they were buying before the crisis. An examination of buying behaviour in 30 product categories shows that over 75% of Belgians have not changed their choice of brand. However, 10% do admit that they are now buying their familiar, trusted brands in less expensive supermarkets or shops. So, it’s not surprising that Colruyt’s market share has risen sharply in the past few months. Consumers who do change brands are switching mainly to cheaper A-brands (14%) or house/discount brands (10%).
Published on 15/02/2010
