Although ESG values -referring to corporate social responsibility- are increasingly valued by investors and companies, the price quality It continues to predominate in the consumption of the Spanish, who are in the last position of the world ranking on the importance of the social responsibility of the brand when purchasing a product.
This is reflected in the latest study ‘Framework Study: Post Covid-19 Consumption Habits’, which shows the trends and behaviors of consumers after the pandemic. Although the data corresponds to May and April, when the inflationary phenomenon was still beginning to rise sharply after the start of the war in Ukraine, quality and price are the main fixations of the Spanish consumer.
Specifically, 82% of those surveyed indicated that the most important factor is the quality of the product, while the 73% advocate the low price, 48% indicate the attractiveness of the brand and 41% the treatment of employees, placing the sustainability of the brand in last place by 37% of those surveyed. In the question regarding brand responsibility, 34% of Spaniards marked it as a preference.
The salary range is a key factor, since, for Spaniards with incomes between 60,000 and 100,000 euros, the price of the product falls to last position (53%), while the attractiveness of the brand rises to second position, with a 70% who think that it is a key factor to consume a product.
The founder and CEO of the Marco agency, Didier Lagae, affirms that if the study were repeated taking into account entrenched inflation, «the price would gain more importance». It also highlights two aspects of the evolution of consumption in Spain after Covid, which changed the habits of 47% of Spaniards according to the study. On the one hand, Lagae points out how the consumer expects a “very different communication and values than before Covid-19”, where the company’s social responsibility has been imposed on fashion or what is called ‘cool’, which was more valid before of the pandemic.
Likewise, the difference between Spain and the rest of the consumers compared to the rest of the countries surveyed stands out. The European average is around 50% in terms of brand social responsibility and countries such as Colombia (82%), Brazil (76%) and South Africa (73%) lead the commitment of consumers to social values compared to to 43% of Spaniards.
Social networks are gaining ground over the media
The impact on consumer habits can also be seen in the way of communicating and getting information in a society where the digital world is gaining ground in all areas, since 1 out of 4 Spaniards reported primarily through social networks.
The study indicates that the online media are the main channel of information for 64% of Spaniards, followed far behind by the radio (37%) and WhatsApp with 35% of those surveyed.
It also highlights the significant number of consumers who use Facebook (27%), Instagram (25%) and Podcasts (16%). In last place are the print media, which only represent the main source of communication for 12% of those surveyed. However, the same respondents recognize that social networks are the least reliable means of informationplacing radio in first place (54%), followed by print media (52%), online media (50%) and television (49%).