Trading down
The cost-of-living crisis has resulted in a shift in consumer behaviour towards cheaper alternatives, especially in the own-brand segment. Despite cost-of-living pressures easing in the back half of 2023, consumers are buying more own brand products than they did when the crisis peaked in 2022.
The amount of own-brand products bought has increased across all socio-economic backgrounds, even those from the most affluent households have increased spend considerably in this area.
0%
of households with an income below £40k will buy own-brand grocery products.
0%
of Gen X are likely to buy own-brand clothing and fashion accessories.
0%
of women are more likely to buy own brand health and beauty products compared to 14% of men.
71% of consumers will not reduce the number of own-brand products they purchase after cost-of-living pressures have eased, with almost a quarter of consumers indicating they will increase their consumption of these goods.
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