What Triggers Us To Buy Brands And Products?

What Triggers Us To Buy Brands And Products?

Is price always the deciding factor when we make a buying decision?

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Brand Loyalty Doesn’t Always Pay

People buy market-leading brands for a variety of reasons including comfort, peace of mind and safety and status.  

However, brand leaders, such as Heinz beans or Coca Cola can sell their products for a substantial premium over similar generic equivalents.

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Tip – Avoid brand loyalty where possible and only buy favourite brands when on sale.

Advertisers and supermarkets manipulate us to buy products which pay for the best positions and even height in the aisles.

Tip – Always check the ‘price per kilo’ (not sticker price) when buying meat or fish.

Poorer households in the West can spend up to 30% of their disposable income on food and essentials and as much a half their income in developing countries.

Engel’s Law

The 19th Century German statistician, Ernst Engel, observed that the percentage of income allocated for food purchases decreases as a household's income rises, while the percentage spent on other things (such as education and recreation) increases.

Right now, food inflation is hitting poor and middle-class families hard.

Tip – Buy fresh produce, and cook, rather than prepackaged and processed food.

Brand Value

The brand value of tops brands, like Apple, Coca Cola Amazon and McDonalds are worth around $300.

Legendary investor Warren Buffett buys companies which have a brand or competitive ‘moat’.

Did you know that up to 85% of Berkshire Hathaway’s stock holding are in leading brands such as Apple, Bank or America, Coca Cola and American Express? Warren and his partner Charlie Munger pick winners and stay investing in them for years.

Tip – Warren Buffett waits for the right time to buy stocks which are ‘on sale’.

It’s coming…Prepare yourself for the coming downturn in the economy and stock market and property prices.

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In today's challenging economic landscape, where inflation, higher interest rates, and downturns prevail, there are always those who not only survive but thrive. What sets them apart?

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How To Develop A Millionaire Mindset

I want to show you exactly how you can:

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•       Get control of your finances and spending?

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·        Develop a millionaire mindset.

To help you, I am running a free training webinar. 

3 Steps To Success Money Management and Financial FREEDOM!

I want to help you get control of your money, learn how to invest and become financially free by developing a millionaire mindset – which is not about buying flashy things and looking rich!

Join me online on my free live money management training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

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