Consumer Attitudes Toward House vs. National Brands By Income [CHART]
Although adoption of store brands has slowed, the switch many CPG shoppers made from national brands over the last few years has stuck, according to findings from an Acosta report released in June 2012. Roughly 3 times as many shoppers plan to stick with store brands as plan to buy more national brands when their budgets increase – a finding that notably holds true across the income spectrum. Those in the middle-income range of $45-74.9k are most likely to stay with store brands, at 37%, followed by the wealthiest consumers (earning more than $100k – 33%). By contrast, just 7% and 19%, respectively, plan to buy more national brands. Those most eager to return to national and premium brands are the upper-middle-income consumers making $75k-99.9k, only 29% of whom plans to stick with store brands.
One reason that consumers may be sticking to store brands is that they find them on par with, or even better than, national brands in some key qualities. According to May 2012 survey results from Ipsos, 7 in 10 US respondents said that store brands were either better than or about the same as national brands for offering high-quality products. Similarly, most respondents said that store brands were on equal or better footing when it comes to offering products they trust (78%) and offering innovative products (67%). Read the rest at MarketingCharts.