A recent consumer survey shows that gas brand loyalty is taking a backseat to high gas prices.
The poll of 5,895 people, conducted last week by Toronto-based InsuranceHotline.com, asked: “With gas prices increasing and decreasing at the drop of a hat, do you have “Brand Loyalty”?
60% of respondents do not have loyalty to a particular brand, with cheap gas prices being the biggest factor in their choice. Meanwhile, 40% indicated that they have brand loyatly.
When consumers do show brand loyalty, they opt for the big names like Esso, Shell, and Petro-Canada.
“Gas companies used to fight for your business and try to win you over to their brand, but now that they’re recording record-profits, they’re getting lazy,” says Lee Romanov, founder of InsuranceHotline.com . “As a result, most people just go for the cheapest gas they can find.”
“The fact that consumers who are loyal to a gas brand go for the big ones shows that advertising pays. Some even have catchy names for their gasoline or advertise special “additives” in their gas. These may also cause some people to stick to these companies, come hell or high gas prices,” adds Romanov.