Swiss are known for being less than enthusiastic about comparing prices, but is that really a fact? To find out, moneyland.ch asked 1500 residents how often they compare offers online. The survey was carried out by Swiss market research institute Ipsos on behalf of moneyland.ch.
The results: “The use of online comparisons to compare offers by Swiss is surprisingly high,” states moneyland.ch CEO Benjamin Manz. German-speaking Swiss compare offers more than French-speaking Swiss, men compare more often than women, younger adults more often than older adults. But comparing often does not lead to a change of service providers, as the low levels of migration in the banking, insurance and telecom sectors show.
What products do consumers compare before buying?
Residents of Switzerland are most likely to compare computers and electronics, hotels, mobile plans and restaurants online before making a purchase. 92% compare computers and electronics to some extent before buying. 26% sometimes compare these, 33% often compare them and 33% always compares computers and electronics before buying. 91% of consumers compare before making hotel bookings. Of these, 17% compare sometimes, 28% compare often and 46% always compare before making hotel bookings. The third most popular object of comparison is mobile plans (85% of participants say they compare these), flights (84%), Internet plans (83%), furniture (83%), health insurance (81%), restaurants (79%), TV plans (76%), various insurances (75%), car insurance (71%), bank accounts (70%), homes (69%), credit cards (67%), mortgages (43%) and finally pension funds (38%).
Age-based differences in comparison habits
Age has a significant influence on the products which people compare. The youngest group of adults between the ages of 18 and 25 years old are more likely to compare electronics, computers, hotels, flights, mobile plans and restaurants online than older consumers. Adults between the ages of 26 and 49 are more likely to compare Internet plans, TV plans, bank accounts, credit cards, other banking products, health insurance and other insurance products than both young adults and seniors.
Differences between men and women
Women are generally less likely to compare before buying than men. There are exceptions to this rule, such as hotel bookings which both genders are almost equally likely to compare. Women are more likely than men to compare homes, furniture and restaurants. Men are more likely to compare banking, insurance and telecom products.
Differences between Switzerland’s linguistic regions
There is a small divide in the way that German-speaking and French-speaking Swiss compare. German-speaking Swiss are more likely to compare before buying a product or signing up for a service than French-speaking Swiss. Hotel bookings and loans are the exceptions to this rule. Residents of German-speaking and French-speaking Switzerland are equally likely to compare before making hotel bookings. French-speaking Swiss are somewhat more likely to compare loans before applying than residents of German-speaking Switzerland.
Comparing health insurance and other insurance products
Consumers are far more likely to compare health insurance than other insurance products: 81% of consumers compare health insurance to some extent. 28% of residents sometimes compare health insurance online, 24% usually compare health insurance and 28% always compare health insurance before signing up. 71% of consumers compare car insurance and 75% compare other insurance products with varying frequency.
Comparing payment cards, accounts and loans
Banking products are generally less widely compared than insurance products. 70% of participants say they compare bank accounts before opening. Of these, 31% sometimes compare bank accounts, 21% often compare bank accounts and 18% always compare before opening an account. However, residents are unlikely to change bank accounts once they have opened them. 67% of consumers compare credit cards before applying. Of these, 29% sometimes compare, 20% often compare and 18% always compare credit cards before applying. Only 43% of consumers compare loans and mortgage before applying.
Comparing mobile, TV and Internet plans
The comparing mentality is well established in the telecom sector. Swiss consumers are more likely to compare telecom products than banking or insurance products. 85% of consumers compare mobile plans before signing up. Of these, 28% sometimes compare, 27% usually compare and 31% always compare. 83% of consumers compare Internet plans. Of these, 29% sometimes compare, 24% usually compare and 30% always compare. 76% of consumers compare TV plans, with 27% sometimes comparing, 22% often comparing and 27% always comparing TV plans before signing up.