According to a report from 84.51°, a growing number of shoppers are more willing to switch to store brands as concerns over their finances continue.
The report from Kroger’s retail data and insights company examined how consumers are feeling financially heading into the holiday season, and what their plans are for shopping and spending.
Shoppers both below and above the $100k household income threshold are switching to lower cost products, including private label brands, to save money.
Of those making less than $100k per year, the top categories that shoppers were willing to “trade down” in were personal care (44%), beauty care (44%), cereal (43%) and health care (36%). For those making more than $100k, the top categories were the same, but the percentage of those willing to switch brands was smaller.
According to 84.51°’s research, 69% of shoppers cited concern about inflation, and 28% of consumers felt uncomfortable about their finances. That is a number that has grown steadily since February.
Among all consumers, 55% cited price as the most important factor when it comes to holiday grocery shopping. Quality was cited by 39% of those surveyed, and quantity/size by 34%. A majority (63% under $100k per year and 56% over $100k per year) said they did not plan on splurging on groceries this holiday season.
All income groups agreed that switching to less expensive brands, setting a budget, and simplifying holiday menus were some of the best ways to save during the holidays.