Brand power: Big name companies losing the reinvention race
The Age
23-05-20 14:30
Legacy brands in the consumer goods industry are having to work hard to keep up consumers' interest levels and maintain sales growth. One aspect is the lower level of loyalty from customers it has seen in recent years. Inflation fears are causing customers to change their buying habits, with some shoppers moving away from traditional brands that are being challenged by competitors. Troy Taylor, vice president and general manager for Lego Australia and New Zealand, attributes the toy brand's success to its ability to reinvent and to meet customers' changing interests.