Data from: The influence of price on Peruvian millennial and centennial consumer preference during the Covid-19 pandemic

Abstract[E1] 

Background: Price is one of the most important attributes influencing consumer decisions. That is even more evident in the Peruvian market since the COVID-19 pandemic, as there is a clear tendency to economise. In this sense, analysing the price sensitivity of relevant segments like young people is particularly interesting in establishing appropriate marketing strategies. Here, we have sought to examine the preferences of Peruvian millennials and centennials and whether they change as they become price-conscious.

Methods: Eye-tracking technology recorded visual attention to the items’ brands and prices. The study's objective is to examine the influence of price on millennial and centennial consumer preferences. The experiment showed two stimuli to three groups of consumers (n=30, N=90), which were based on price exposure and price awareness context concerning a single product with no major differences other than price and a private label created for the experiment.

Results: No statistically significant differences in visual attention metrics on AoIs between groups were identified. Nevertheless, at a descriptive level, it is found that in a price-conscious context, participants' visual attention to prices increases. Furthermore, in the presence of price, visual attention to the brand is reduced. According to the Chi-squared tests, no association existed between the preferences and any of the variables tested. The survey’s responses showed that T-shirt preferences remained essentially unchanged when the price was displayed, and there was no price awareness. In contrast, when there is price awareness, the preference increased considerably for the cheapest T-shirt due to the young consumers’ tendency to economise.

Conclusions: This research contributes to exploring Peruvian millennial and centennial consumer behaviour after the covid-19 restrictive measures using eye-tracking. Firstly, consumer visual attention to a product depends on the presence of price and the context. Secondly, the presence of price influences product preference depending on the context.