Survey: Consumers Big on Private Brands
Schaumburg , Ill. A survey by The Nielsen Co., released Tuesday, found that one-third of consumers are willing to pay more for private-label brands.
Nearly three-quarters (72%) of consumers believe store brands are good alternatives to name brands and 62% of consumers report they consider store brands to be as good as name brands, up three points since 2005.
Private-label products account for more than $81 billion in the United States, up 10.2% over the past year.
Nielsen’s survey indicates that an improved sense of quality is likely a driving factor for consumers’ positive attitude toward private-label products. Sixty-three percent of consumers believe that the private-label brand quality is as good as name brands and one-third (33%) of consumers tell Nielsen they consider some store brands are higher quality than name brands.