Many consumers across age brackets are shopping more stores for groceries, and many of them like to try new products, including private brands.
In a webinar hosted Dec. 5 by Store Brands titled “What Consumers Think About Private Brands,” Matt Sargent and David Bilicic of Magid, a consumer-centered business strategy company, said that consumers have a higher need to trust the brands and retailers they shop, with 85 percent of consumers indicating that it’s important that the retailer they shop has brands they trust. Among those consumers, 51 percent of millennials indicated that they will only purchase private brand groceries from stores they can trust.
According to a Magid report, private brands are becoming essential within the retail industry, and consumers across all generations are willing to try them out. According to the report, 65 percent of millennials and 52 percent of baby boomers say that they like trying new brands.
“This is a fairly significant shift from past generations and from past time periods,” said Sargent, Magid’s senior vice president of retail. According to Sargent, this shift has caused retailers to think about their brands and how to establish consumer loyalty. So where does the consumer mindset sit?
According to Bilicic, Magid’s senior vice president, this is an excellent opportunity for retailers to capitalize on their private brands. If a consumer builds trust with a store brand, it can be the driving factor behind the customer entering the retail stores in the first place.
To find out more on how retailers can build consumer trust with their private brands, listen to the webinar here.
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