Shop owners with an own-label range could see an uptick in profits after recent data reveal that more than half of shoppers are opting out of branded products.
Software platform Vypr has found that 51% shoppers prefer own-label products to branded, and one in five shoppers have switched their entire supermarket shop to own-label products.
Symbol groups such as Parfetts and wholesalers such as Eden Farm Hulleys could benefit from this trend, especially given plans for expansion of both company’s own-label range earlier this year.
With own-label products being cheaper than branded products, the survey results are indicative of the impacts of the cost-of-living crisis, which some believe is the cause of the recent increase in retail crime in the UK.
The results are also reflective of ACS’ recent findings that more consumers are opting for everyday low value as opposed to products with promotional deals.
All the same, the survey revealed that 44% of shoppers would be persuaded to purchase a product if it was on offer, shedding light on the need for brands to roll out more promotional deals.
Dry goods, frozen food and bakery were found to be the top three categories for own-label items, with consumers buying branded products in the health, beauty, and electronics categories.
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