Millennials are feeling the pinch of the increasing cost of living which is seeing them swap out well-known brands for supermarket generics to fill their trollies, according to an Australian Private Label Trends report.
While there is a significant difference between Millennials, Generation X and Baby Boomers regarding their shopping habits, young Australian’s tend to be more money conscious when it comes to their shopping baskets than any other generation.
Some key findings of the study include:
- 78% of Millennials are more inclined to opt for supermarket generics when compared to the 71% of Gen X or 60% of Baby Boomers.
- Half of young Australians trust that generic supermarket products represented the same quality when compared to named brands, whereas only 2 out of 5 Baby Boomers rated the same equivalence.
- The average weekly grocery bill for Millennials is around $120, that is $20 less than Generation X who spends on average $140 a week.
- However, among these three generations, young Australian’s were most impulsive during their shop making more unplanned purchases than any other generation.
What opportunity do these shopping habits reveal for your brand who market to millennial mums?
• Growing opportunity for private brand labels when marketing to millennials.
• Labelled brands need to work harder moving forward to prove their value and worth to this market.
• Given the frequency of impulse purchasing – of the millennial knows, likes and trusts your brand there is sales opportunity in the wake.
Source: Young shoppers biggest private label fans, KAREN COLLIER, “Herald Sun” 3rd August
Want more insights about your customer and their relationship with your product and market category? Kids Business Communications delivers custom and full service Quantitative and Qualitative Market Research for your brand. Measure market awareness, competitor analysis, brand perception and why mums are – or aren’t buying your product. Learn more here.
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