BUFFALO, N.Y. — Researchers are noticing changes in the way we shop at the grocery store, with many customers making a change to buy more generic or store-brand products.
Charles Lindsey is an associate professor of marketing at the University at Buffalo School of Management, and he’s been watching this multiyear change.
“Consumers are starting to realize the value that store brands bring to the table,” Lindsey said. “[They’re] not as expensive, similar quality level, that equates to more bang for your buck, a better value.”
According to a study by the Private Label Manufacturers Association, that change has led to over $10 billion in additional sales for store brands and total sales for store brand products rose 4.7% in 2023.
“Because consumers are so price conscious, it’s really changing people’s shopping habits,” said personal finance expert for NerdWallet, Kimberly Palmer. “People are much more likely to reach for that store brand when they see that lower price. People want to feel like they’re getting a good deal wherever possible.”
Palmer shared that switching your shopping habits can really add up money saved.
“Even small differences in price really add up. If there’s something you buy all the time, if you can substitute that for a lower cost item like a store brand, you can save a lot over the course of a month.”
But how does that look at our own local stores?
Leading the experts to suggest you give a try and see if the switch is worth it for yourself.
“I would say consumers should be open-minded and willing to give some private labels, store brands a try,” Lindsey said.
“You can do a little bit at a time, maybe try one store-brand this week and one next week,” Palmer said, “Over time, you can cut back on your spending. It’s definitely something to try."
