According to research commissioned by the Sydney Morning Herald and Leading Edge research group, consumers are willing to pay premium prices for products that offer high quality and will last.
According to the findings four-fifths of consumers surveyed would pay more for a premium brand that they trust and know will offer them better quality, longevity and provenance.
Brands which were mentioned favourably by respondents include Fisher & Paykel, Sony, Apple, Panasonic, Samsung, HP and LG Electronics.
Consumers noted that they were willing to pay top dollar for brands such as these, but in-turn 67 per cent commented that they expect these brands to be innovative, cutting edge and rare.
The results were compiled from an online survey of over 1500 people in the first week of February.
Peter Russel, national marketing manager at Fisher & Paykel, one of the numerous ‘premium brands’ according to the survey, was very pleased with the findings.
“This research is very heartening, it confirms Fisher & Paykel’s long term strategy of designing, manufacturing and marketing innovative, world-first appliances with integrity,” he said.
“Fisher & Paykel has recently won a plethora of design and sales wards for its production both in Australasia and overseas. We are punching well above our weight in an international field.”
Another interesting fact to come out of the research was the fact that people are now going out less and cooking at home, which will hopefully boost the prospects of selling kitchen appliances and household goods to consumers.