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STORE BRANDS VS GENERIC - Live Auctions 360

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STORE BRANDS VS GENERIC

No matter if we’re talking about cereal, cough syrup or batteries, products featuring nationally recognized name brands tend to cost more than their generic store-brand counterparts. But the assumption that higher price means higher quality is fading. This is especially true for fine jewelry where brand names tend to mark-up their merchandise exponentially. If you were a more informed shopper, you’d be stunned by the markup retail stores charge for their merchandise.

 

GalleriaShops

 

Guys are cool with generic fashion, health-and-beauty products. 

Unsurprisingly, women care more than men when it comes to products that they adorn on their body, skin, and in their hair. While 74% of women report a preference for name-brand health-and-beauty merchandise, just 56% of men say they like name brands better. But all that is changing at a rapid pace.

 

 

What’s the latest on generic brands? A “Private Label” report from the Integer Group offers some insights. Here are some highlights from the study:

Women are especially likely to check out generic brands. Most shoppers scope out both private-label and name-brand products before making purchases: 77% of all consumers report doing so. But women are far more likely to compare generic and name brands — 9 in 10 are known to look at both options before making selections.

 
80325VS Masterwork Halo Diamond Band Engagement Ring

 

Coupons and sales help boost name brands. 

Many of the shoppers refuse to switch to private-label products because of their impression that, with a little timing and strategy, generics aren’t much cheaper. Of those who stick with name brands, 45% say they do so at least partly because they can find coupons for their brands (up from 35% in 2010), and 41% say their brand is often on sale (up from 36% two years ago). Still, discounts are only a ploy to force brand loyalty. They still spend drastically more in the long run. In the jewelry industry, discounts account for a tiny dent in the overall markup they tag on in the first place. Going to a jewelry retail store will not save you money at all.

Fewer people assume a brand name means top quality. 

This is truly the biggest takeaway — and a cause for concern among manufacturers who think they can be successful simply because they have a nationally known brand. In 2010, 57% of consumers agreed with the statement “Brand names are not better quality.” More recently, the figure inched up to 74%.

And if brand names do not represent better quality, why would it be worth paying more for them? As for fine jewelry, buy wiser, buy like a jeweler would. Save yourself hundreds or even thousands of dollars while getting what you want. Better still; get them at below wholesale auction prices at liveauctions360.com

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