Survey: consumers will pay for transparency
By Doug Picklyk
Chicago — A recent survey conducted by Label Insight reveals that nearly nine in 10 consumers say transparency is important to them across every food product category, and 40 per cent would switch to a new brand if it offered full product transparency.
The study surveyed more than 2,000 consumers examining the information consumers seek from brands, how they want to access that information and how that information affects purchase behavior and brand loyalty.
Key findings from the survey include:
- 81 per cent of consumers say they would consider a brand’s entire portfolio of products if they switched to that brand as a result of increased transparency.
- 56 per cent report that additional product information about how food is produced, handled or sourced would make them trust that brand more.
- 73 per cent say they would be willing to pay more for a product that offers complete transparency in all attributes.
- 94 per cent of respondents say they are likely to be loyal to a brand that offers complete transparency.
- 86 per cent of 18 to 34-year-old women with children say they would pay more for food products with completely transparent information.
“Label Insight has long believed that there is a tangible return on investment with transparency of product information between brands and consumers,” said Patrick Moorhead, CMO of Label Insight in a company release. “This study reveals what matters most to consumers in terms of the products they use and consume, and draws a clear correlation between transparency and improved consumer trust, enhanced brand loyalty, and overall long term value in repeat purchase.”