Essay: Current Turmoil in the Worldwide Market

Sample Essay

The current turmoil in the worldwide market and the succeeding downfall in customer response has resulted in a lot of critic questioning the role of brand loyalty at a time when consumers face a severe crunch on their consumption and spending. Contrary to popular perception, recessions do not cause a major decrease in consumption for branded products.

In many instances consumers have little choice but to consume certain class of products. For example, a recession will not cause a tooth-paste consumer to switch to toothpowder, despite it being the cheaper option. The consumer will continue to use toothpaste but might switch from a striped variant with multiple benefits to a standard variant with the minimal functionalities. Our research indicates that 56% of the respondents still buy the same product and brand while only a mere 11% have decided to switch to other brands.

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