Shoppers are turning to brands – despite the weakened consumer confidence, according to research.
The IGD ShopperTrack found that more than a third, or 35% of shoppers, said it was very important to them that the food and groceries they buy had been “made by a company that specialises in that product” – the highest level for a year.
Similarly, 33% said it was very important that food and grocery products they buy were “made by a well-known company” – again the highest level for a year and 32% said that it was also very important that they have “grown up buying or using this product”.
Joanne Denney-Finch, chief executive of IGD, said: “This strong level of support for brands is the highest it has been since we started tracking shopper sentiment on a monthly basis almost a year ago. During these uncertain times, a third of shoppers are returning to the food and grocery products they know best and are seeking comfort in brands they have grown up with. They are looking for brands they trust to deliver quality, value and reliability.
“Even though people are facing a squeeze on incomes, when it comes to their food and groceries they are not just focusing on price. Quality is still important to shoppers, but this might come at the expense of spending on other items, such as restaurants.”
The news that consumers are turning to familiar products comes as a retail price war has been predicted with the big supermarkets. Yesterday, Tesco cut the price of 3,000 products as part of a £500m campaign – including everyday items such as bread, fruit and milk.