NEW YORK, June 16, 2021 (Newswire.com) - Life is messy, and consumers want to protect expensive purchases from everyday accidents, according to new survey data released today by Mulberry, the product protection partner for direct-to-consumer brands.
The survey of more than 1,500 U.S. adults looked at U.S. consumers' relationship with product protection, including when they buy it, why they like it, and the extent to which it helps establish trust between consumers and brands.
"Product protection plans have functioned poorly in the past, providing too little protection at too high a cost," said Mulberry CEO Chinedu Eleanya. "And yet, product protection still really matters to consumers, especially when they make expensive purchases. This survey underscores how much brands have to gain from offering product protection plans that work well."
Americans are eager to protect their purchases
Product protection plans are popular with a majority of U.S. consumers but especially those who live with small, destructive humans:
- About three-quarters (74%) of child-free and pet-free Americans are likely to pay for a product protection plan when they make a relevant purchase.
- Seventy-seven percent of Americans with pets are likely to purchase one.
- A vast majority of Americans with kids (91%) and Americans with kids and pets (82%) are likely to invest in a product protection plan when they make a relevant purchase.
In fact, nearly half of Americans (47%) are more likely to choose brands that offer product protection plans, and almost a third (32%) said they wouldn't buy from a brand that didn't offer them.
Good product protection is good for brand loyalty
Additionally, the survey revealed that a positive claims experience increased brand loyalty significantly:
- Eighty-one percent of consumers would be more likely to recommend a company or make another purchase if they had a positive claims experience.
- Eighty-two percent of consumers say it's important that manufacturers offer limited warranties.
When deciding whether or not to buy a product protection plan, plan coverage and price matter most, and cost is the top deterrent.
"Consumers understand value, and they know when an extra warranty isn't going to serve them," added Eleanya. "We've created plans that are useful, affordable and actually do what they're supposed to — give consumers the peace of mind they need to make big purchases."
Mulberry is creating a better product protection experience for retailers and consumers. Mulberry's people-first platform offers better coverage, a great claims experience, and flexible integrations to deliver best-in-class protection for shoppers and an easy-to-launch revenue channel for retailers. See why global retailers across every vertical choose to partner with Mulberry, including Breville, Mirror, Houzz, Nectar, and Poly & Bark, at www.getmulberry.com.