Rising prices caused by inflation and concerns about a recession are causing consumers to rethink their shopping habits. In our latest retail benchmarks report, we analyzed data from Quantum Metric customers and survey responses from 4,000 consumers in the U.S. and UK to uncover:
Excerpt from the report:
As costs climb, named brands can start to lose their shine—especially if consumers feel they can be easily replaced by a more generic item. This is especially the case in the UK, where two in three Brits will opt for generic or store-brand clothing items (67%), as well as health and wellness items (69%) to cut costs. Over half in the U.S. and UK (55%) would even go generic for home goods such as furniture, sheets, decor, or even appliances.
Survey responses: To cut costs, which of the following item types would you consider purchasing generic over named-brands?
