According to a recent study by YouGov SixthSense, 72% of consumers in the UK have switched their electricity or gas accounts in the last 5 years, with 46% having done so in the last 2 years and 64% in the last 2-5 years.
Price comparison websites are a key tool when switching, with 41% of consumers that have switched in the last 5 years saying these have influenced their choice to switch. Only 26% make up their own mind.
Uswitch.com came out as the most popular site with 59% of consumers who have used comparison sites in the last 2 years, followed moneysupermarket.com at 44%.Over half of the consumers (55%) who have switched are satisfied with their choice, mostly because their bills have lowered (36%) and with a significant number saying their new supplier is easier to deal with (19%).
“Switching has become a characteristic of the utilities market,” commented YouGov SixthSense research director James McCoy. “It is evident that switching is often not a long lasting decision and consumers are then won over by a competitor. With price a key driver, it is unsurprising that price comparison websites emerge as by far the most popular influence on consumers’ decision making.”