Battling the cost of living by buying supermarket own brand foods

As the cost of living continues to rise, more and more people are turning to shops’ own brand goods to save some money from their food bills.

Transcript

00:00Cost of living has caused people to look at their expenditure, so quite clearly you're

00:05going to look for where you can save a couple of pence here and there.

00:08And if you can do it over a basket of goods, that can be significant, right at the edge.

00:12So it comes down to cost.

00:16Supermarket brands tend to be cheaper than the major brands.

00:20Now, of course, I know it's marginal in many cases, but as I say, for those people who

00:26are really sort of at the limit, it's a lifesaver.

00:31A recent survey by Nielsen IQ found that private label products are now leading in quality,

00:36cost and shopper experience, with 53% of retailers expecting private label to be their top growth

00:41driver in 2024.

00:49We like the things that we know we're brought up on.

00:53So for instance, baked beans, and of course there are many varieties of that, if you get

00:58my drift.

00:59We like the taste.

01:01Anything that's slightly different, it doesn't suit the palate.

01:04As I say, we know what we trust.

01:07Therefore, of course, the big brands are able to trade upon this and charge not a premium,

01:12but a couple of pence extra.

01:14The findings of a recent international supermarket news survey were that the UK grocery market

01:20is heading towards 60% private label dominance, as people continue to face financial challenges,

01:25opting for more affordable owned brand products.

01:28Look, I mean, the fact is, though, we are a country which should be growing our own

01:35goods and be able to be self-sustaining, but of course we don't.

01:39It's so much easier to buy it in supermarkets, and of course the fact that they charge enough

01:44to make a healthy profit, it's no great surprise.

01:47What we should really get back to is much more sustainable locally produced goods, which

01:51is healthy for us and healthy for society, and creates greater circularity, if I may

01:56put a plug in for that.