News

How to be successful in the Spanish market?

01/11/2018

EFMP’s Spanish partners, Groupo A, share their insights into consumer trends within the Spanish market and use their intimate knowledge of the market to find out what drives these trends. To understand Spanish costumers buying behavior we have to take into account many different facts that influence their particular way of buying, facts that are decisive for any company present on the Spanish market.

The economic crisis and technological advances during the last 10 years has altered the buying behaviors of the Spanish people. During this time people started paying more attention to characteristics that they didn’t notice before. During the crisis years, Spanish peoples buying habits became increasing influenced by ‘’price’’ and ‘quality’, and this price conscious trend became the bases of the household economy.

Spain is no longer in an economic crisis, but these conservative attributes are still influencing the buying habits of its consumers, and this is forcing brands to find new ways to be more innovative and creative in catching the consumer attention.

Additionally, we have to talk about where they buy, because that has changed too. According to the study “Consumer insights survey 2018” from PWC (Price Waterhouse Coopers) 8 years ago a 38% of the Spanish people, used to go into physical shops weekly to buy, this year that rate has grown to 46%. Additionally, they found that itds no longer just the product that is influencing the buying decision, but things like personal shoppers, excellent customer service, customer experience, returns policy and sampling are becoming an increasingly important part of the buying decision and retaining customer loyalty.

The PWC study over the last couple of years shows a drop in online purchasing from 21% to 18% whereas mobile purchasing has increased from 7% to 14%. The study also shows how the influence of television and print media advertising is being replaced by social media which now accounts for 48% or the market.

Groupo A have found that the key to remain successful in the Spanish market is to be innovative and creative. Brands must find a connection between the online and offline channel, because that’s what the customer wants. Consumer demand for interaction with products and brands at the point of sale is becoming increasingly important in the buying decision but this cannot compromise the price or quality, two sensitive attributes for the costumer. 

The EFMP

Gropo A’s expert knowledge of their local market is an attribute shared by all members of the EFMP. If you are looking to develop your business throughout Europe the EFMP’s members are your strong partner are experts in their respective countries

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