CHICAGO—The beginning of the school year usually provides a shot in the arm for retailers, however, new data from SymphonyIRI Group’s Special Report, “Back-to-School 2010", reveals the majority of consumers across all income brackets are still cautious about spending and focused on value and price.
According to the report, private label brands remain popular with shoppers of all income levels, and when it comes to lunch box options, 75% believe store brands are equal to or better than the quality of national brands. Among households earning more than $55,000, more than two-thirds said the quality of store brands are equal to or better than national brands. Manufacturers, however, have an opportunity among more affluent shoppers; 31% of those surveyed earnings more than $55,000 said store brands have inferior quality to national brands.
About 50% of the survey respondents said store brand lunch box components and school supplies provide better value versus national brands. However, 24% of respondents believe national brand lunch box items are of better quality versus store brands, while 17% of respondents believe that national brand school supplies are better. These figures signify an opportunity for manufacturers to protect and grow share in these important categories with messages that reinforce quality, consistency and trust available in consumers’ “favorite brands."
