Brand Loyalty | Consumers More Likely to Switch Brands to Find Better Value

It looks like one casualty of the cost of living crisis might be brand loyalty!

Grocery Gazette report here on market research from McKinsey which indicates that a significant number of consumers are actively changing the brands they buy in order to minimise their grocery shopping bill.

That sounds like bad news for established brands and good news for supermarket own-label and brands positioned at the value-end.

For consumers swapping to entry-level priced brands, 67% said this was to receive better value for money, while 52% wanted products that offered better prices or promotions.

How might the leading food and drink brand multinationals respond? Perhaps by offering more sales promotions?

I'll be looking out for sales promotions on my favourite brands such as Marmite, Branston Baked Beans, Cadbury's Drinking Chocolate etc.