Released on: September 17, 2010, 12:24 pm
Author: M&S Money
Industry: Financial
M&S Money has revealed new research that shows when shop keepers and businesses earn the British public's trust, customers return time and time again.
From dentists to favourite shop keepers, on average these relationships with our favourite shops and people last the test of time, according to new research by M&S Money* to mark the company’s 25th anniversary.
The results showed that people have firm favourites among their shopkeepers and other professionals, with almost 25 million Brits remaining loyal to their favourites for 20 years or more. Six out of 10 say that good customer service is the main reason they stay loyal to a person or business and over half cite reliability and good value for money.
The report also showed that 1.3 million women have stuck with the same hairdressers for over 20 years and, on average, British adults have the same doctor for almost 13 years, with over 10 million staying with the same doctor for 25 years. The research also found that despite some people's nervousness they stay faithful to our dentists for nearly nine years. It was also revealed that men stay with their main bank for 14 years and women slightly longer at 15 years.
Colin Kersley, chief executive of M&S Money, said: "Consumers will evidently stick with businesses and people who deliver great service and look after their customers. Most people can name someone they trust completely, whether cutting their hair, managing their money, decorating their house or fixing their car.
"People clearly feel strongly about good customer service, reliability and trustworthiness as these are reasons why they stay loyal for so long. After 25 years in business, M&S Money has stood the test of time and we know how important it is to continue earning the loyalty of our customers.
"While the average relationship lasts nearly nine years, our own M&S Money customers have remained loyal to us for an average of 17 years."
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Notes to Editors:
* Research conducted online by Opinium Research amongst a nationally representative
About M&S Money:
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in
1985 as the financial services division of Marks and Spencer Group plc, making 2010
the company's 25th anniversary.
The company is a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including insurance for pets, home & contents insurance and comprehensive car insurance, as well as loans, savings and investment products.
In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,364 billion at 31 December 2009, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’.
M&S Money has an executive committee comprising an equal number of representatives
from HSBC and Marks & Spencer.
For further information please call the M&S Money press office:
Simon Coughlin
Media Relations Manager
M&S Money
8 Canada Square
Canary Wharf
London
E14 5HQ
020 7992 1574
money.marksandspencer.com