Data Snapshot: Who Prefers Service Over Price?
January 16, 2012 5 Comments
We just published a new piece of research, Who Prefers Service Over Price?
This report uses a new format for Temkin Group that we call a “Data Snapshot.” While many of our reports have a lot of data, these reports will be even more data intense and can serve as reference materials for looking up data points. Since this is the first report in the new format, we decided to make it available for free.
Here’s the executive summary:
We asked 5,000 U.S. consumers whether they would prefer low prices or good service when doing business with 14 types of companies. It turns out that consumers prefer low prices in every industry except for banks and computers. Our analysis looked at differences across age, income, ethnic, and educational levels of consumers. Some of our findings: life insurance is the most age-dependent, low income leads to price preference, blacks have the most preference for good service, and higher education leads to a preference for service.
This Data Snapshot has five graphics that look at the following data (which is the first figure in the snapshot) across age, income, ethnic, and educational demographics.
The bottom line: Low prices are important, but many people prefer good service