Sometimes Google deliver strange and wonderful things to my in box and that is certainly the case with this fascinating article from the Ukranian based website, finchannel.com reporting on Japanese Private Brand research.
Store-Brand Food Equal To Name Brands In Safety: Survey
A total 75.7% of consumers say there is almost no difference in terms of safety between private-label and brand-name food items, according to a survey by the Japan Finance Corp.
And 63.2% of survey respondents picked very little flavor difference. Although demand for store-brand food is on the rise given its affordability, “The market for private-label food will probably expand in the future given their acceptance in areas other than price,” predicts the government-affiliated financial institution.
Low prices were picked by 74.4% as a requirement for store-brand food. This was followed by high safety at 55.9% and flavor at 39%.
“Some 38.8% of shoppers say they would buy a private-brand offering if it was at least 10% cheaper than its name-brand counterpart. Another 29.5% would make the purchase if prices were at least 20% more affordable, and 14.6% would do so if prices were at least 30% more attractive. Just 9.5% indicated they would buy a store-brand food item if the price was the same as a brand-name offering,” Nikkei report said.
Affordability of store brands is seen as extremely better or somewhat better by a combined 68% of respondents. But name-brand products were overwhelmingly given the thumbs up for flavor and aesthetics.
As part of a survey of foodmakers, 40.6% expressed a willingness to continue with their current lineups. Some 33% said they wanted to add to their store-brand offerings or begin handling such products. Those wanting to trim or end production of private-label items, as well as those with no plans to engage in such products, totaled 26.4%.
Japan Finance polled shoppers ranging in age from their 20s to 60s. It received responses from 1,735 firms, mostly smaller manufacturers.