Supermarket brands which were once regarded as country cousins compared to established brands are now rapidly gaining popularity. A few decades back, consumers were of the opinion that if you wanted quality, it had to be a conventional (read: more expensive) brand. However, that trend is undergoing a dramatic change with an increasing number of supermarkets coming out with their own branded products.
Consumers now give serious thought to the price factor and are more inclined towards products that offer a blend of affordability and quality. As families strive to make ends meet, educate children and invest in homes, investing in value products has become a priority for the average British consumer.
According to a survey poll conducted by U Switch, 73% of cash-conscious British consumers are opting for attractively priced supermarket brands over pricier competition. Rumina Hassan, a UK based financial expert says that opting to buy supermarket brands over more expensive products can reduce household costs by an impressive £ 800.
At one time, supermarket brands were touted as the recommended option for those with lower income levels; this is no longer true. Supermarket brands are now an attraction for consumers of every profile irrespective of their financial status. The logic is simple: Why pay more for a costlier brand equivalent when you can buy a quality product at an affordable price?
Gradually, supermarket brands are beginning to overshadow traditional branded products as each supermarket begins to diversify their product ranges.
David Bird, a retail analyst from Datamonitor suggests that the preference is not only about pricing. He is of the opinion that supermarkets have had ample time to understand consumer preferences and have used that knowledge to develop an affordable range of products. Food items in particular are becoming pricier due to the rise in ingredient costs. Consumers were unwilling to keep shelling out more hard-earned pounds for the same product. Hence, supermarkets introduced the best option to satisfy current demand: Their own labels.
In addition, the supermarket brands are also catching up with packaging and presentation. They have become aware that product appearance and packaging also play a major role in attracting consumers. As a result, supermarket brands are also marketing their in-house products in attractive, appealing ways.
If supermarket brands have able to blend affordability with quality, they deserve all the consumer attention that they are already enjoying. Maybe it’s time for equivalent brands to examine more consumer-friendly solutions?
Do you opt for brand names over the supermarket products or vice versa? What own-brand products are as good as, if not better, than the more expensive big brand version? Leave your thoughts in the comments below!