Analysis
What consumers mean when they talk about value
Value is rarely a matter of price alone. Our latest survey suggests that clarity and fairness weigh as heavily as cost.
TemplateThis is an illustrative article demonstrating the commentary template. It will be replaced with approved content.
When people are asked what they look for from the businesses they buy from, price is invariably near the top of the list. But it is seldom the whole answer. In our most recent consumer survey, respondents were as likely to describe value in terms of clarity — knowing what they will pay, and what they will receive — as in terms of cost.
Clarity as a component of value
Unexpected charges, complicated terms and difficulty resolving problems all reduce the perceived value of a purchase, even where the headline price is competitive. For many consumers, a straightforward transaction is itself something worth paying for.
A fair price that is clearly stated will often be preferred to a lower one that is hedged with conditions.
This has practical implications for businesses of every size. Transparent pricing and accessible customer service are not merely matters of compliance; they form part of what customers are buying.
What to watch
- Whether the emphasis on clarity persists as household finances change.
- How online and physical retailers differ in meeting these expectations.
- The role of complaint handling in sustaining long-term trust.
Related insights
BCFI responds to consultation on consumer redress
The Forum welcomes the focus on accessible redress and sets out the principles it believes should guide any reform.
Cameron Batt