Customers are also trimming spend on beauty products, frozen appetizers, sweet snacks and ice cream.
New research from Reach 3 Insights notes that 78% of Americans are now purchasing in-store brands. While 61% are buying more pantry items, 58% of respondents claim to be buying more private-label household products.
According to the 2,000-person survey, 65% of the respondents are of the opinion that apart from the packaging, most products are essentially the same. More than nine out of ten consumers – including those in the $100,000-plus income bracket - say they are now more thoughtful about what they buy.
A little more than half (53%) of Americans are buying fewer beauty products and 52% of them are buying fewer frozen appetizers. Similarly, half of the respondents are cutting back on sweet snacks or ice cream. On the other hand, consumers are less inclined to cut back on pet and baby products.
[2 minute read]