Four-in-five (82 per cent) Britons have switched well-known brands for cheaper own-brand alternatives, states a recent report based on the survey of 2,000 British adults, as the cost-of-living crisis intensifies.
According to new study from Forbes Advisor, three quarters (77 per cent) of those are reducing the frequency of premium brand purchases, and more than half of consumers (55 per cent) say that cheaper or supermarket branded products are generally just as good as other brands.
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 per cent) 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 per cent) and Asda’s Just Essentials (28 per cent).
The study further unveiled Fairy is the brand Brits are most loyal to, with one in five (20 per cent) refusing to swap it for a cheaper alternative, and Cadbury’s is the food brand Brits are least willing to give up, with 12 per cent considering it a weekly staple.
“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.
“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,” she added.