Friday, April 23, 2010

Survey says on recession, recovery & store brands

This is a Sponsored Post written by me on behalf of PBM Products. All opinions are 100% mine.

Aside from being a housewife, I am also a business partner in our family business. Since kids are on vacation right now I have plenty of time to devote to the business. It is really kind of hard to deal with the tough economy the world is in. Due to global financial crisis many people loses their jobs and businesses experienced abrupt reduction in their sales. As a consumer myself I do understand the importance of tight budgeting nowadays and do understand as well how fellow consumers are trying to deal with the current economic crisis as an entrepreneur.

Consumers are really getting wiser in spending the family’s income with the continuous global economic downfall and recovery is still uncertain. Being an entrepreneur I do understand the importance of knowing and understanding consumer attitudes and behavior. Surveys give pertinent information as to how consumers spend their money, their preferences, their satisfaction and dissatisfaction over a product, and many more.

Taking for example this exclusive survey of shopping attitudes made by GfK Custom Research North America for the Private Label Manufacturers Association or PLMA. Below are some key findings on this ongoing consumer research based on a nationwide poll of nearly 800 grocery shoppers about Recession, Recovery & Store Brands:
  • When it comes to the issue on economy, 8 out of 10 supermarket shoppers see no improvement while 40% of them said it’s getting worst in recent months. It is the same thing going on in the Philippines wherein unemployment rate continues to rise and businesses shutting down.
  • 62% of the respondents plan to buy more Store Brand products given the tough economy. I guess with the given economic crisis we still have now it is wiser to buy a certain product of same quality but at a lower price.
  • Patrons of store brands are at all-time high with 57%. Consumers are patronizing Store Brand products more than national brands because they are getting the same but at a lower price.
  • There are 43% of shoppers who are trying Store Brands for the first time who are also used to buy only national brands.
  • Among those who switched to a Store Brand 97% of those are happy with their new choice.
  • 49% shoppers who turned to Store Brands are satisfied with the price and quality comparing it to national brands.
This survey is really a very viable aspect to understand more how consumers behave, change their preferences and their satisfaction over the products. It gives businesses a clearer vision on how to market their product, the picture of competition and their performance in the market. Store Brand products like Parent's Choice enable consumers to save their hard earned money and a sensible option always offering quality products at reasonable prices. Store Brand products are such great partners whatever economy we may have.

Visit my sponsor: Recession, Recovery & Store Brands


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