Rising fuel prices are prompting consumers to turn to own-label food products in order to cut grocery bills, a number of recent US studies have found.
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Consumer confidence in own-label goods is on the rise in the US, a survey conducted by research group MORI concluded. Nearly 70% of respondents said that store brands are “as good as or better than” national brands.
Meanwhile, a Nielsen survey on US consumer spending found that nearly 25% percent of respondents admitted they now buy less expensive brands because of fuel prices.
IRI also confirmed that US consumers from all income levels buy own-label foods.
“Rising costs have encouraged consumers across income segments to allocate more of their spending to private label – providing retailers with a unique window of opportunity to extend reach beyond the core lower-income market,” the IRI report said.
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By GlobalData
