brand loyalty

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Brand Loyalty

The propensity for a consumer to buy a product again. Brand loyalty begins when a customer has a positive experience with a product; however, such purchasing may end up as simply a habit (albeit a revenue-producing habit). It is important for companies to build their brand awareness (or knowledge that their products are available) and to produce quality goods in the first place in order to build brand loyalty.

brand loyalty

the extent to which consumers buy a particular BRAND of a product in preference to similar brands. Consumers may be totally loyal to a single brand but more usually will switch irregularly between two or more brands. Brand loyalty will depend largely upon consumer satisfaction with the intrinsic qualities and attributes of the brand but may also be swayed by persuasive ADVERTISING and SALES PROMOTION.

Strong brand loyalty serves to protect and increase the firm's MARKET SHARE vis-à-vis competitors, and may afford opportunities to charge a premium price for the brand. See BRANDING, BRAND SWITCHING, COMPETITIVE ADVANTAGE.

brand loyalty

the continuing willingness of consumers to purchase and repurchase the brand of a particular supplier in preference to competitive products. Suppliers cultivate brand loyalty by PRODUCT-DIFFERENTIATION strategies aimed at emphasizing real and imaginary differences between competing brands. See ADVERTISING.
References in periodicals archive ?
While there is no doubt that higher interest rates will erode purchasing power to a certain extent, and that the stability of gradual rate rises positively affects consumer sentiment, the Australian economy provides a better-and longer lived-reason for consumer optimism.
The Bakersfield Consumer Sentiment Index broke the record set the previous quarter, indicating that consumers are bullish on the local economy.
Increases in consumer sentiment around technology are expressly higher, not just on a sequential basis, but also on a year-over-year basis, a good sign headed into the important fourth quarter and holiday selling season," said Shawn DuBravac, CEA's chief economist and director of research.
consumer sentiment to a fresh 7-year high in November, AP reported.
The 8-point increase overall in optimism was the largest recorded since January 2013 when the National Association of Convenience Stores (NACS) introduced its monthly NACS Consumer Fuels Survey to examine how gas prices affect consumer sentiment.
Retail sales showed faster year-on-year growth in November, largely due to positive consumer sentiment and further expansion of inbound tourism.
Summary: US consumer sentiment rose to its highest level in five years in October as Americans were more upbeat about prospects for the economy and their own finances, a survey released on Friday showed.
Japanese consumer sentiment improved in March from the previous month, reflecting improvement in employment conditions and the recovery in Tokyo stock prices, the Cabinet Office said Tuesday.
But the consumer sentiment index from KBC bank and think-tank the Economic and Social Research Institute found people still remained cautious and there was little prospect of a spending spree.
When Market: Asia Pacific last briefly reviewed the Malaysian market in January 2006 (16:1), one of the Malaysian Institute for Economic Research's (MIER) sub headings as they discussed third quarter 2006 consumer sentiment was: "More Cheerful.
Kern County's economy improved slightly in the third quarter 2004, despite slight dips in the business outlook index and consumer sentiment, according to the latest issue of the Kern Economic Journal, published by California State University, Bakersfield.
The usefulness of quantifying consumer sentiment is evident in academic economic literature on business cycles.