2/24/2018

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Buy Store Brands And Save

Some people won't buy store brand products because they think name brands are better. This is not necessarily so. Many store brands are packaged by name brand companies, usually containing the same product, and then sold at cheaper prices under the the store's name or under another label. This includes food, clothing, and other items.

When the economy is doing well, name brands are purchased, not because they are necessarily better products, but because they symbolize a certain degree of wealth or prestige, and some people won't be caught with anything less than what they perceive as being the best.

Brand loyalty is great, but when the economy goes bad, it may be financially prudent to buy quality generic products at cheaper prices, thereby saving money and surviving until the economy improves.

Sometimes it is hard to trade down to store brands, which is understandable, but it may be well worth it. There is little or no reason to stick with well known brands, especially if you find the store brand just as good or, in some cases, better.

This is not to suggest that all store brands are worth the switch because not all of them are. You should test the store brand to see if it is worth buying. If it doesn't meet your expectations, you can always go back to the brands that you feel comfortable with.

Consumers are rearranging their priorities and looking for alternative ways to save money. Studies show that many consumers have already traded down to store brands over the past couple of years. This trend is growing and it may not be long before companies with major brand names start dropping their prices if they want to be able to compete.

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