Several factors contribute to the decline in brand loyalty:
Increased Competition: The market is saturated with numerous brands offering similar products and services, making it easier for consumers to switch from one brand to another. Technology: The rise of the internet and social media has given consumers easy access to information and reviews, allowing them to make more informed decisions. Consumer Expectations: Today's consumers expect higher levels of customer service and personalization. Failure to meet these expectations can result in lost loyalty. Economic Factors: In times of economic uncertainty, consumers may prioritize cost over brand loyalty, opting for cheaper alternatives.