Craving value: How fast-food brands can win in APAC's diverse market
Want to conquer APAC's diverse fast-food scene? Discover the nuances you need to master to win over consumers.
Rotterdam, May 25, 2020 — Global insights agency SKIM recently conducted pricing research to determine the differences in consumer preferences and price sensitivities before and during the COVID-19 crisis. The agency which specializes in decision behavior re-fielded large pricing studies in Europe and the United States. The newly fielded studies explored changing price elasticities and sought to answer four questions:
“As experts in pricing and revenue management strategies, we have received many questions around changing price elasticities and whether brands should conduct pricing research now,” said Robin de Rooij, Director Pricing and Revenue Management Solutions at SKIM. “As we strongly believe in a data-driven approach to our recommendations, we decided to re-run a collection of pricing studies. This research helps us provide practical and evidence-based advice for companies that are adapting pricing strategies following COVID-19.”
Download “The Impact of COVID-19 on Consumer Price Sensitivity”
The meta-analysis combined eight pricing studies across CPG (consumer packaged goods) categories covering 87 consumables & non-consumable brands in the U.S. and Europe. The original studies were fielded between December 2019 and March 7, 2020, before the COVID crisis shut down economies and triggered shelter-in-place policies throughout Europe and North America. The re-fielded studies were conducted during the first three weeks of April 2020 using SKIM’s Virtual Shelf research solution. A choice-based-conjoint research methodology was used for the analysis.
The April 2020 research revealed:
As the market continues to evolve and a recession looms, brands considering pricing or portfolio research should keep feeding scenarios with data. Whereas before COVID-19 you might have been able to base decisions on a one-off check, the shelf life of old pricing research will be much shorter. Consumer consumption and their “willingness to pay” for certain products and services can change from one day to the next depending on lockdown restrictions, travel bans, news, and economic conditions.
Watch this interview on “The Impact of COVID-19 on Consumer Price Sensitivity in the US and Europe”
About SKIM
SKIM is a global insights agency helping leading companies thrive by understanding decision-making. To stay ahead in today’s environment, it’s critical to know how decisions are made and how the changing environment influences decisions for consumers, healthcare and B2B professionals. To understand how decision-making has changed (and how it hasn’t!), we adapt sophisticated research techniques and develop new innovations to address this new reality. The result? Practical brand communications, revenue management, product innovation, e-Commerce, and advanced analytics recommendations you can use to propel your business forward, both online and offline. What sets SKIM apart is our decision behavior expertise + deep analytical and choice-modeling roots + a thorough understanding of the marketing challenges brands face. This unique combination, along with our creative thinking, is the reason why strategy consultants and leading companies, from Fortune 500 to digital disruptors, have continued to partner with us for decades. With 9 offices around the world and 150+ enthusiastic SKIMmers ready to help crack your business case today, how can we team up with you today?
Learn more at skimgroup.com/covid
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For media inquiries, please contact:
Nicole Gardere, VP, Marketing
marketing@skimgroup.com
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