This article was based on the interview with Zarina Stanford of Bazaarvoice by Greg Kihlström, AI & Marketing keynote speaker for The Agile Brand with Greg Kihlström podcast. Listen to the original episode here:
Consumer opinion of private labels has been evolving over the past year, as highlighted in Bazaarvoice’s 2024 Shopper Preference Report. Private labels, also known as store brands, have traditionally been seen as lower quality alternatives to national brands. However, recent trends suggest that consumers are beginning to view private labels in a more positive light.
One of the key findings from the report is that consumers are increasingly open to purchasing private label products. This shift in consumer behavior can be attributed to several factors. First, private labels are often more affordable than national brands, making them an attractive option for budget-conscious shoppers. In a time when many consumers are facing financial uncertainty, the value proposition of private labels is becoming more appealing.
Additionally, private labels are no longer seen as inferior in terms of quality. Many retailers have invested in improving the quality and variety of their private label offerings, making them competitive with national brands. As a result, consumers are more willing to give private labels a try and are pleasantly surprised by the quality of these products.
Furthermore, the rise of e-commerce and online shopping has made it easier for consumers to discover and purchase private label products. Online retailers and marketplaces often highlight private label options, making it convenient for consumers to explore these products and make informed purchasing decisions.
Overall, consumer opinion of private labels is shifting towards a more positive perception. As retailers continue to invest in and expand their private label offerings, consumers are likely to embrace these products as viable alternatives to national brands. The trend towards private labels reflects a broader shift in consumer shopping behavior towards value, quality, and convenience.
