Why Price Sensitivity is Surging and What it Means for You | Ep. 048

Kingspiration | Entrepreneurial Success Lessons, Business Growth Tips, Personal Development, and Wellness Insights for Ambitious Entrepreneurs, Startup Founders, and Business Leaders

Are your customers becoming more price-conscious?

In this episode, Ethan and Justin take a hard look at the growing trend of price sensitivity in 2024, discussing how it’s reshaping consumer behavior in both the U.S. and South Africa. They share insights on why more consumers are "putting their foot down" on rising prices, with 81% now comparing prices before major purchases, up from 67% in 2022. The duo also explores how economic pressures like inflation and depleted savings are driving more people to seek out store brands and discount options. Learn how to navigate this new landscape and adapt your pricing strategies to stay competitive in a price-sensitive market.

What you will learn in this episode:

• How to understand the recent rise in price sensitivity in 2024
• How to adjust your pricing strategies for different markets and demographics
• How to balance brand loyalty and price as 61% of consumers are now willing to switch brands for a better deal
• How to use pricing as a competitive advantage in a global economy

Questions answered:

• Why are consumers becoming more price-sensitive in 2024?
• How are inflation and depleted savings driving pricing decisions?
• How does price sensitivity differ across markets like the U.S. and South Africa?
• What strategies can businesses use to respond to increased price comparison behavior?
• Is brand loyalty eroding, and how can businesses retain their customers?

Tune in to discover actionable strategies for staying competitive in a world where price matters more than ever. Don’t forget to subscribe and leave a review after listening!