It's no secret that store brands have seen explosive growth in recent years, and a new Mintel report documents that positive perceptions of these products have taken hold among significant numbers of Millennials and other consumers.
One interesting finding: 42% of Millennials (ages 18-36) agree that store brand food products are more innovative than name-brand products. In fact, Millennials are more likely to buy store brand foods in general (97% versus 94% of all U.S. shoppers).
Furthermore, 37% of U.S. shoppers as a whole say they prefer to buy store brand products over brand name products.
And in contrast to the old assumption that consumers mostly "settle" for buying private-label brands for cost reasons but view them as inferior, nearly two-thirds (63%) of store brand buyers — including 70% of Millennials — agree that these products are higher-quality than they used to be. Many shoppers also agree that store brands stack up against their name brand counterparts in flavor, packaging and variety of product offerings.
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