Only 2% of UK consumers surveyed have prioritised big-name brands when grocery shopping, VoucherCodes.co.uk Food Spend Report has revealed.
While the power of big brand names is decreasing, the survey also showed that both cost and quality were important to consumers with one-fifth (19%) preferring the quality of products when making grocery decisions.
READ MORE: 50% of Brits spend less on food amid cost of living crisis
Despite the growth of convenience in the grocery sector, only 7% of respondents said that prioritise convenience when making product selections.
“Due to the cost-of-living crisis, it’s understandable that customers are focusing on keeping costs low and getting a good deal rather than favouring particular brands, however, this is likely to cause concern for premium and mid-market brands offering products with a higher price point. Encouragingly, our research also reveals that getting a good deal and value for money are of similar importance to consumers as low prices,” Vouchercodes senior director Angus Drummond said.
“To encourage loyal customers, retailers should provide consumers with a range of products that are both high in quality and good value for money, and span a range of price points to meet the needs of all consumers. When possible, they should also consider offering deals and discounts to help their customers make their money go further.”
The news comes as innovation intelligence platform Vypr revealed that around 81% of British consumers have expressed concern over the cost of living crisis.
