Global consumers: Value trumps price

While retailers always seem to tout their "low prices" as a leading marketing pitch, consumers across the globe may actually prefer value to cost.

While retailers always seem to tout their "low prices" as a leading marketing pitch, consumers across the globe may actually prefer value to cost.

According to a report released Monday by analytics firm Nielsen, consumers across 51 different countries would choose "good value" instead of "low price" by a margin of 61 percent to 58 percent.

The trend was found across almost all markets, including Asia/Pacific, Europe, Latin America and North America. The only regions where cost trumped value was in the Middle East and Africa - even then only by a margin of 59 percent to 54 percent.

"While low prices are undoubtedly important, consumers around the world tell Nielsen that good value matters," said James Russo, a vice president at Nielsen. "Retailers and manufacturers who offer good values tailored around benefits of the product beyond price will resonate with consumers who continue to look for ways to stretch their money in a tough economy."

This may also point to the need for strong customer standards, as consumers on the hunt for services may seek out knowledge, experience and know-how over a good price.