RetailingToday.com’s Top Brands study should serve as a reminder to retailers that in an overwhelming majority of categories, consumers continue to express a brand preference, and that preference is strengthening compared with the past few years.
There was an overall surge in brand preference. This is noteworthy because it took place against the backdrop of one of the worst recessions anyone can remember, which caused a predictable shift in purchase behavior as shoppers deferred purchases or sought less-expensive alternatives.
The Top Brands report serves as a unique benchmark for the retail industry because it monitors consumers’ unaided expectations when it comes to brand names they look for at mass-market retailers. The study asks consumers about their expectations across 17 categories.
Great Value was on the list in 2009 with 2%. But compare that to Tyson at 3% and Green Giant at 4% and suddenly Great Value’s strength to make the top 10 preferred brands is an acknowledgement that consumers are recognizing private label as a “brand” with similar stature to its branded counterparts.