Study: Consumers turn to private brands for better value, not just better price
Nearly 99.9% of shoppers are buying private brands today.
Although 57% of consumers say their financial health is good, fears of a recession are driving slightly less consumer confidence in Q3 2019, according to the latest IRI Consumer Connect Survey results, produced by IRI, Chicago. Expecting to face a recession — or, perhaps more likely, a “semi-recession” — consumers are increasing their savings as a precaution for maintaining financial stability.
“While shoppers across generations and income groups in 2019 are undoubtedly more price conscious, they are turning to private label because of their positive perceptions of the value,” says Joan Driggs, vice president of content and thought leadership. “Shoppers are buying private brands because it makes them feel good to save money without sacrificing taste, selection or quality. The improved consumer perception of private label value is having a growing influence on store choice, with many leading retailers offering premium private label selections.”