A recent survey by Gartner shows that 68% of consumers feel that brands exploit them using dynamic pricing strategies. These pricing tactics have fuelled distrust, with 80% of respondents saying consistent pricing builds brand trust. Moreover, 42% expressed a willingness to pay more if price stability were guaranteed.
Nearly 80% of participants in another Gartner survey reported encountering unexpected price changes in the past year, including hidden fees, surge pricing, and rate hikes.
“While inflation may have eased, suspicion and frustration have not – and these negative sentiments are fueling distrust and price paranoia. As a result, consumer loyalty is diminished and the brand relationship hardens into something more adversarial,” said Kate Muhl, VP Analyst in the Gartner Marketing practice.
Thrift is slowly rising in popularity. While cost-saving remains a factor, 68% of respondents cited self-improvement and reducing waste as key reasons for cutting back on spending. Additionally, 33% saw sharing their minimalist habits as a social benefit.
“These consumers are embracing frugality to regain control after years of inflation-driven thrift. They are intentionally reducing consumption and curbing wasteful habits, with the added benefit of saving money,” said Muhl. “Leaders should lean into playful austerity and support consumers’ efforts to go bare bones.”
Amid growing personalisation, consumers are turning to “norming” to understand their behaviours within a societal context. 82% reported engaging in activities such as seeking online opinions or comparing financial habits.
In addition, human-free technologies, such as drone deliveries and cashier-less stores, are gaining traction. 74% of consumers express interest in such innovations, and 30% have already adopted them.
To maximize the impact, Muhl advises brands to focus on the convenience and novelty of these services to enhance engagement and create memorable experiences.