Close to half of UK consumers (46%) are buying a 'greater variety' of brands than they did before the pandemic, a new study by NielsenIQ has found.
According to the Brand Balancing Act study, British shoppers are also increasingly seeking out products that meet their exact needs, with some 58% of UK consumers feeling that if they 'look hard enough', they will find such products.
Smaller, local brands also resonate strongly with shoppers, the study found – half of UK consumers (50%) prefer to buy locally made products from small businesses in their area, while a similar percentage (51%) feel that small brands are 'more authentic and trustworthy' than big brands.
In addition, some 58% of respondents feel that while smaller brands are usually more expensive, they are prepared to pay a bit more for them. This is higher than the global average (47%).
Read More: British Shoppers Seek Cheaper Grocery Options As Inflation Bites: NielsenIQ
Small-To-Medium Sized Brands
“Despite being largely 'unfamiliar' by respondents in terms of notoriety, small and medium brands have a great opportunity in today’s changed consumer landscape," commented Lauren Fernandes, global director of thought leadership at NielsenIQ.
"Our data shows that price pressures and the ongoing pandemic have changed consumer needs, and their relative expectations of brands of different sizes."
Good value for money (92%) availability (87%) and product quality (85%) were cited by respondents as the key drivers influencing purchasing decisions, according to the study.
“Today’s macroeconomic environment has created a perfect storm for small and medium-sized businesses to connect with consumers," Fernandes added.
"But that same storm could shadow smaller brands before than can scale. The key will be finding the right levers, based on the right consumer data, to innovate in meaningful ways.”
© 2022 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more A-Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.