In times of economic uncertainly, consumers become even more interested in obtaining value-for-money in their everyday shopping and private label is an important way of achieving this.
The adoption of a 'recessionary mindset' is already changing consumer attitudes and behaviors with regards to overall spending and their actual product choices. Any worries that consumers have about the economy only serve to strengthen private label spend because store brands are seen as an important way of achieving value for money
Private label food penetration accounts for a disproportionately high percentage of the overall private label FMCG market in most countries. Private label non-alcoholic beverage penetration accounts for a disproportionately high percentage of the overall private label market in some European countries, but the opposite is true across Asia
Marketing fatigue potentially enhances the appeal and relevance of private label brands, especially as advertising is a key defense tactic for famous brands. Across the 15 countries surveyed by Datamonitor in August 2008, 47% of respondents 'strongly agreed' with the statement, "there is too much advertising today."
Datamonitor surveyed consumers across 15 countries about to what extent they agreed they had been "making an effort to save more money," there was an overwhelming degree of agreement across geographies.
The Datamonitor report includes:
*Insightful analysis into consumer's attitudes, beliefs and motivations behind private label versus famous brand purchases
*Consumer survey insight covering 15 countries. Examines attitudes to brand image, price/value and food and non-alcoholic beverage products more generally
*Detailed action points offering practical strategies for private label and famous brands based on the trends and insights analyzed in the report
*Coverage of food and non-alcoholic beverages. Geographic coverage includes Europe, the US, Asia Pacific and the BRIC markets