Amid a cost-of-living crisis, new research has revealed that consumers are prioritising the cost of products above all else, with two fifths saying that price is the most important consideration when shopping for groceries.
The VoucherCodes.co.uk Food Spend Report reveals that only two per cent of UK consumers prioritise big-name brands when grocery shopping, proving that brand power has waned and is now having little to no impact on consumers' purchasing decisions.
As well as cost, quality is also important to consumers when choosing where to shop, with almost one fifth prioritising quality of products when making grocery selections. Similarly deals and value for money is the top priority according to 16 per cent of consumers.
Interestingly, despite the surging growth of convenience in the grocery sector, just seven per cent of consumers say they prioritise convenience when making product selections.
Factors consumers prioritise when shopping for groceries | Percentage of consumers |
Price | 40% |
Quality | 19% |
Deals and value | 16% |
Selection of products | 8% |
Convenience | 7% |
Big-name brands | 2% |
“The findings of our Food Spend Report show big-name brands are becoming far less influential in consumers’ purchasing decisions," said Angus Drummond, Senior Director, Commercial. "Due to the cost-of-living crisis, it’s understandable that customers are focusing on keeping costs low and getting a good deal rather than favouring particular brands, however this is likely to cause concern for premium and mid-market brands offering products with a higher price point.
“Encouragingly, our research also reveals that getting a good deal and value for money are of a similar importance to consumers as low prices. To encourage loyal customers, retailers should provide consumers with a range of products that are both high in quality and good value for money, and span a range of price points to meet the needs of all consumers. When possible, they should also consider offering deals and discounts to help their customers make their money go further.”
