Aussies spend more on store-brand groceries
Australians are continuing to spend more of their grocery shopping on store-brand products, new research shows.
According to IBISWorld, private labels now account for nearly one quarter of Australia’s $70 billion grocery market, with their quickly gained 23 per cent share set to climb above 30 per cent in the next five years.
More Aussies turned to store-brand goods at the height of the global financial crisis as they looked for cheaper products that still offered good quality.
IBISWorld general manager Robert Bryant observed that growth in private label groceries has outperformed traditional branded groceries for quite some time.
“In certain sectors, such as dairy, private label growth has been dramatic, with private label milk sales rising from 25 per cent of supermarket milk sales in 1999 to a massive 52 per cent last year,” he said.
Consumers looking to make cutbacks could also compare debit cards in search of the best spending options. Other research released this week by the Australian Companion Animal Council found that spending on pets contributed $6.02 billion to the Australian economy last year, up considerably on the $4.62 billion recorded in 2005.
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