Why Private Brands should form part of every Retailer’s growth strategy
Prosperity can have a pronounced effect on price perception. In a 2001 study that analysed more than four decades of previous research, the authors found that as GDP rises, shopper awareness of pricing declines. Put simply, the more money that we have, the less interested we are in what we pay for the goods we buy.
The same is true in reverse, of course. When times get tougher, we become more aware of the price we pay and the returns we receive. And with the continued impact of Covid-19, there is every indication that consumers are already scrutinising the price of goods more closely.
One of the primary ways in which shoppers respond to this growing price sensitivity is to divert their spend towards Private Brands. In a recent study, 42% of respondents noted that they were planning to switch from national to Private Brand products as part of a wider money-saving campaign.
Download the report to find out more about creating sustainable and effective Private Brands, including everything from the five primary tiers that define Private Brands today through to the factors that define success.