Independent market research consultancy Rostrum Research, has released data revealing 40% of consumers feel that price is the most likely factor to influence their decision when buying financial products from a supermarket or retailer.
These figures form part of Rostrum Research's assessment of consumer trust regarding financial services and products, and asked respondents to identify which factor was most important to them when it came to purchasing financial products from a retailer.
Rostrum Research found that the second most influential aspect when deciding whether to buy from a specific retailer was if that specific consumer had an 'existing relationship' with the retailer. 29% of those questioned choose an existing relationship as a primary decisive factor. This was followed closely by the consumers recognising the importance of the retailer's 'brand' at 27%.
Convenience was listed as the top choice by 22% of the respondents, yet only 6% said that they would buy financial products alongside their grocery shopping. This highlights the consumer's need to differentiate the act of purchasing everyday items from purchasing financial advice and products.
Mark Houlding, CEO of Rostrum Research, says: "These figures reveal a great deal about the mind-set of consumers when they are making the decision to purchase financial products. The fact that the retailer's 'brand' comes in third place - a long way off price considerations - shows that consumers are less concerned with where they buy and are instead more focussed on what they're paying.
"Convenience is key too – and retailers need to consider all channels, especially mobile, as they look to take market share from the incumbents."