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Because by being loyal to the brand that means that the customer (often also consumer) trusts it. Even if a price is raised most customers feel safe with a specific brand (depending on the product of course) and are reluctant to switch to alternatives (every customer has one) due to satisfaction of the current one (he will not be loyal if he isn't satisfied). But that does not mean that all loyal customers are not price sensitive. Some maybe loyal, but if the gap of the product price and their own identification of the product price is too wide then they will switch to their alternatives. Customer loyalty is a very fickle thing and no customer is loyal forever.

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