Own brands take over branded goods.
Investigators have researched and found out that 57% of the shoppers think that own branded products are now better then how they used to be before, where as 52 % of the people still prefer branded products. Four out five people think that supermarket’s own branded goods are at a better value for money compared to those 16% who prefer branded goods. Looking at today’s data more than 80% of the shoppers buy supermarkets own labelled products, whereas, there is only 89% who buy branded goods. Chris Wisson, senior food analyst at Mintel said “times have improved and people no longer want insight around supermarket own labels connecting lower quality”. Researches also advise that consumers nowadays expect to buy more standard and qualified products which are worth the money spent on it and are also cutting down on brands. Mintel also showed that the market for own label brands had reached £37 billion in 2011 and this is a 24% increase since 2006. However it’s a good thing as Mintel has found out that around 58% of the shoppers would still go for branded goods since they want to good quality products. Studies also show that own-label dairy products are much better of big names such as rice pudding and ice cream. However, the main point is that, nearly 40% of the sales in the UK are now mostly characterized by own-label goods. Where once own branded goods were recognised as really low quality and cheap products, they are now increasingly refined and also attractive to customers, due to the economy downfalls customers do look for cheaper products. Nevertheless the main note is that own brand market will continue to enlarge itself in the future, even though the growth might not be as high as previous years, the prediction of the market value will be increasing by 30.2% between 2012 and in 2016 it will reach £167.68billion.on the other hand own brand retailers are hoping that they have attracted enough customers with their own...
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