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The relationships that last longer than marriage

Banks have reduced the time it takes customers to switch current-account providers. It’s a well-known saying that customer-bank relationships last longer than most marriages. But what are the other really long relationships?

More than 50% of all UK current-account holders have never switched their account, according to market research firm Mintel.

The average current-account relationship lasts 17 years, while the average British marriage lasts just 11 years and six months.

But the stats don’t signify a happy relationship. Nearly half of current-account holders stay put because they perceive switching to be too much of a hassle, according to uSwitch. On Monday, the banking industrysaid the time customers would have to wait to switch current accounts would be slashed from 30 days to just seven.

But what’s going on with these long-term customer relationships?

Some people tell their hairdresser more than they’d tell their family. And there are those who would travel further for them and on a more regular basis.

It’s been reported that a loyalty survey of 2,000 adults found hairdressers are the businesses that customers are most loyal to, with two-thirds of consumers stating that they would continue to go to the same hairdressers, without even thinking of switching to another salon.

“With hairdressers there is a risk of uncertainty and risk when people go to someone new,” says consumer psychologist Philip Graves. “They’ve got to describe how they want their hair cut, and they probably don’t know how to do that technically. On the other hand, with someone familiar it feels comforting.”

The trauma of ending a relationship with a hairdresser has been well documented. Both the Chicago Tribune and Huffington Post have blogged on the subject.

Read full story on BBC News

Category: World News |

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Last updated October 24, 2016 at 6:05 PM
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