Forty-four percent of shoppers making $5,000+ a month are buying more private label products than they were a year ago, compared to 34% of consumers with lower incomes, according to new study from Simon-Kucher.
Among other results:
- Of those consumers, 39% are regularly purchasing premium private label products, while 27% of consumers across income cohorts say they’ve purchased more premium private label products than last year.
- Consumer perception of national brands is shifting: 55% believe these brands are overpriced and not competitive on quality; and 28% say brand names don’t play much of a role in their decision-making.