South China Morning Post (SCMP) Advertising+ and its insights partner, Ipsos Hong Kong, launched its third annual brand study at The St. Regis Hong Kong on June 25, in front of an influential audience of more than 200 marketing and key business figures. A number of leading marketers and creative leaders spoke at the event, sharing their insights on the role of brand in driving growth, resilience and loyalty. Additionally, CEOs and senior leaders from over 20 agencies participated in a pre-briefing to discuss the research findings.
Trust fuels resilience and growth
Akhil Gupta, director, market strategy & understanding, Ipsos Hong Kong, and Paul Phillips, marketing director, SCMP, shared recent research which showed that up to 41 per cent of affluent people have already cut back on non-essentials or plan to do so.
What was fascinating was that the research revealed consumers were up to six times more likely to continue spending on brands they trust, despite cutting back on non-essential spending. They are also willing to tolerate a seven per cent price increase from brands they trust before reconsidering their purchases.
Brands that consumers have faith in are resilient even in the toughest of times. The key drivers of this trust are product and service quality and a robust brand identity. The key to building that identity in a way that resonates with consumers is storytelling.
