Save money by ditching branded products
Despite much talk about green shoots and economic recovery for the average household money is still tight, and the global credit crunch and ongoing recession are still hitting hard.
Most of us are constantly looking for ways in which to save money, and there are a number of measures that can be taken to make cutbacks here and there and reduce outgoings.
Many of us may already have done things such as switched providers and suppliers, found cheaper insurance cover, and cut back on luxuries and going out – the next thing to tackle is the shopping.
According to one recent report one way in which many consumers across the UK have managed to save a little more cash on their monthly outgoings is by ditching branded products and switching to cheaper brands, which can sometimes be considerably cheaper than their brand name rivals.
Consumers have been switching everything from their supermarket to their food and toiletry brands, and when you consider just how much the average household buys in their shopping on a weekly or monthly basis there are some considerable savings to be made.
Officials have said that a massive 75 percent of shoppers have now started buying supermarket brand products rather than well known brands, and whilst the savings per product may seem paltry in some cases when you are doing a fairly big shop they can really add up.
In August 2008 only 25 percent of shoppers went for supermarket brand products whereas in the same month this year this tripled to 75 percent, showing just how careful shoppers are now being when it comes to how much there are shelling out on their weekly or monthly shop.
Supermarkets have been quick to pick up on this growing trend, and in order to cater for the growing numbers of people that want their products have been expanding their ranges to give consumers more choice.
One such supermarket is Waitrose, and an official from the retailer stated: ‘We have definitely seen customers moving towards our brand.Sales of our essential Waitrose range have been rising apace since its launch in March and essential Waitrose now accounts for 15% of total Waitrose sales. During this tough economic climate, customers want to lower their weekly shopping bill but are not prepared to compromise on quality.’
Another supermarket giant, Sainsbury’s, said that consumers have realised that they can cut the cost of their shopping by going for supermarket products rather than well known brands, and have realised that this does not mean that they quality will be lower.
An official from the company said: ‘The results of this survey clearly show how consumer perceptions to supermarket ‘own-brand’ have shifted and confirm what our customers have been telling us for some time – they can save money without compromising on quality.’
Tags: Sainsbury, Brits, branded goods, shopping, household money, green shootsOne industry expert added: ‘The number of Brits making basic changes to their weekly food shopping patterns has increased dramatically since last year, as the effects of the recession continue to amplify. However, despite the economic outlook remaining uncertain, consumers may find they have the last laugh – as the lessons learnt from the schooling in savviness they are currently experiencing as a result as a result of the recession will remain vital, even long after the economy recovers.’
