PENNY PINCHING: What consumers are doing to cope with soaring inflation
Shoppers are reaching for more in-house brands to save money as"Inflation on consumer products has opened the door for private labels to gain consumer awareness and engagement due to higher prices and shrunken sizes," Mark Kohlenberg told FOX Business. Kohlenberg is the CEO and founder of luxury men’s footwear and accessories brands Moral Code and Milwaukee Boot Company.
As a result, "it has suddenly enabled consumers that would previously only consider branded products — out of sheer habit or a belief that branded products were better — to now expand their consideration set and now include private label products within their buying patterns," he added. Gristedes & D'Agostino Supermarkets Chief Operating Officer Joe Parisi told FOX Business that many bigger chains have seen growth in their private labels in recent months as buyers look for more ways to cut back on spending.
"As grocery inflation continues customers are looking to private label versus brand names because they areGuleford Bobo, 75, picks up free COVID-19 home tests covered by Medicare at a CVS in the Navy Yard neighborhood of Washington, D.C., on Monday, April 4, 2022. CVS Health told FOX Business that it has 12 private labels — otherwise called CVS Store Brand products — which are 20%-40% cheaper than competing brands in its store.
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