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Globally, since 1962, the World Consumer Rights Day was established.
National consumers have institutions such as Profeco, which guarantees that their rights and obligations are enforced.
It was thanks to the Federal Consumer Protection Law (LFPC), which gave way to Profeco.
Every March 15, World Consumer Rights Day is celebrated, which was established by the General Assembly of the United Nations (UN) in 1983, in order to protect consumers by claiming, recognizing and legitimizing their rights to international level; however, on this date is when it has been announced that Consumers begin to prepare for economic uncertainty, as a study indicates that consumers celebrate their day by saving on expenses.
It is during this celebration that the speech given by President John F. Kennedy on March 15, 1962, to recognize the consumer as a fundamental element in the production process, is commemorated. For Mexicans, it was in 1976, when the Federal Consumer Protection Law (LFPC) was enacted, giving way to the Federal Consumer Attorney’s Office as the institution in charge of defending the rights of consumers, prevent abuses and guarantee fair consumer relations. Mexico thus became the first Latin American country to create a prosecutor’s office and the second with a law on the matter, currently having a total of 32 delegations and 19 sub-delegations, totaling 51 offices throughout the country.
Study indicates that by saving on expenses, consumers celebrate their day
However, it is today during the celebrations of the World Consumer Rights Daywhich has confirmed that society is immersed in a challenging inflationary environment, in which the prospects for consumption dynamics are conservative, preparing consumers for a considerable reduction in spending.
As indicated in the most recent report prepared by LLYC: ‘New Times, New Rules, 10 challenges for unpredictable times, in which it is mentioned that spending reductions are being presented, Therefore, it points out that consumers have shown increasing interest in saving. According to the report, it is during times of uncertainty and recession that customers value the service they receive from a brand more, hence the need for them to offer relationships fostered by suitable customer service.
“Customers are more active every day and value good service, but they also punish, through their digital conversation, what they consider to be a bad experience. In this sense, it is crucial to be able to identify the different ways in which the business sector can reach a cautious and austere consumer, putting their new needs and preferences into perspective”. LLYC points out.
In the same way, he points out that when decision-making becomes difficult due to the economic context, customers value brands that offer them “something more.” Aspect for which, firms should consider offering added value and a better and more complete shopping experience, in addition, LLYC points out that one of the solutions for brands may be to offer a chance to learn, to grow in their areas of interest, or loyalty plans that are consistent with their lifestyles. Therefore, offering education, training and loyalty programs is an effective way to maintain contact with customers. This can include special benefits that seek to solve the real pains of consumers.
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