A new study from Forbes Advisor has revealed that four-in-five (82%) Brits have switched well-known brands for cheaper own-brand alternatives, as the cost-of-living crisis intensifies.
The price comparison and financial guidance platform surveyed 2,000 British adults to discover how supermarket shopping behaviour has changed over the last six months.
They found that three quarters (77%) of those are reducing the frequency of premium brand purchases, and more than half of consumers (55%) say that cheaper or supermarket branded products are generally just as good as other brands.
Forbes Advisor investigated this further, asking shoppers of the largest supermarket chains which own-brand labels they have turned to in the last six months.
Tesco came out on top with almost two-in-five (38%) of those substituting their shopping for more affordable goods, claiming to be frequent purchasers of Tesco’s own-brand groceries.
This was followed by Sainsbury’s own-brand (33%) and Asda’s Just Essentials (28%).
The study further unveiled which of Britain’s biggest brands people are most reluctant to substitute from their weekly supermarket shop.
Fairy is the brand Brits are most loyal to, with one in five (20%) refusing to swap it for a cheaper alternative, and Cadbury’s is the food brand Brits are least willing to give up, with 12% considering it a weekly staple.
It comes with the recent news that Aldi, which offers 90% own-brand products, has now overtaken Morrisons to become the fourth most popular supermarket chain in the UK.
“Food prices have been steadily climbing during the course of the year, due to issues ranging from distribution, right through to the impact of severe weather events across the world,” money expert at Forbes Advisor, Laura Howard said.
She added: “As our latest research shows, the stark reality of these figures has meant that ‘brand loyalty’ is fast being shunted down the list of consumer priorities.
“With winter on its way, now is the time to squeeze as much out of your supermarket spend as possible.”
