NEW YORK — Switching to private-label brands could help consumers save one-third of their typical spend on products, a new study conducted by the Private Label Manufacturers of America found.
In its study, PLMA tracked the pricing for 40 typical grocery items — many of them dubbed "cold weather staples," such as hot chocolate, soup and personal care necessities — at a conventional supermarket over a six-week period. By selecting the store-brand version of the products on the list rather than the national brand, consumers could save an average of $43.92 (a savings of 33.6%). When buying the national brands, the 40-item purchase came to $130.78 on average over six separate trips, while the same purchases for the retailer’s brands cost $86.85 on average, PLMA noted.
In August, the group released a report that private-label purchases and loyalty would forge ahead, noting that more than 60% of consumers purchased private-label products because of the current economic conditions.