Latest news with #ConsumerProductsandRetailSector
&w=3840&q=100)
Business Standard
21-05-2025
- Business
- Business Standard
Nearly half of Indian consumers polled switching to private labels: EY
Indian consumers are re-evaluating their retail choices and nearly half of them are switching to private labels, according to an EY report which highlights heightened consumer expectations of value, trust and relevance from their purchase experiences. According to the latest EY Future Consumer Index (FCI) India edition, the growing preference for private label products is transforming consumer perceptions, positioning store brands as the favoured alternative to traditional branded options. The EY Future Consumer Index tracks changing consumer sentiment and behaviours across time horizons and global markets, identifying the new consumer segments that are emerging. The 15th edition of the EY Future Consumer Index surveyed over 1,000 consumers across India, between January 24, 2025, to February 20, 2025. The report said the growing preference for private label products is transforming consumer perceptions, positioning store brands as the favoured alternative to traditional branded options. It said 52 per cent of consumers are switching to private labels, with 70 per cent agreeing that these brands are increasingly providing better quality products. Around 70 per cent of the consumers believe that private labels meet their needs just as effectively as branded products, it added. "Even when brands turn to innovation and 'brand improvements' such as changing ingredients or formulas to create more value, 34 per cent of respondents perceive these efforts as cost-cutting measures rather than genuine innovation," it said. Furthermore, 59 per cent of consumers indicated that they only purchase branded products when they are on sale, prioritizing discounts over brand loyalty. The EY report further said that retailers also appear to be responding to this shift, with 74 per cent of consumers noticing more private label options where they shop and 70 per cent observing more private label items positioned at eye level on store shelves. Additionally, a significant 69 per cent of consumers said that store brands and private labels help them save money. Angshuman Bhattacharya, Partner and National Leader, Consumer Products and Retail Sector, EY-Parthenon said consumer behaviour has traditionally evolved in response to changing economic situations, but the current shifts appear to be more permanent. Retailers are confidently launching private labels and allocating prime shelf space to them, while technology is enhancing the shopping experience by providing consumers with limitless options and the ability to compare products, he said. "The rapid growth of private labels is further evidenced by the rising popularity of fresh, new brands among Indian consumers. At the same time, this presents established brands with both the opportunity and the imperative to deepen their connection with consumers and explore innovative ways to stay relevant," Bhattacharya added. The report also noted that 47 per cent of respondents expressed willingness to return to a branded product if it offers superior taste, quality or performance. Additionally, 44 per cent of consumers indicated they would switch back to branded products for better value for money. The EY report also reveals that artificial intelligence (AI) has emerged as a key shopping tool, with 62 per cent of respondents making purchase decisions based on AI recommendations. As many as 58 per cent of consumers stated that AI has significantly enhanced their shopping experience.
Time of India
21-05-2025
- Business
- Time of India
52% consumers are switching to private labels
Indian consumers are reevaluating their retail choices with more than half or 52 per cent consumers are switching to private labels , with 70 per cent agreeing that these brands are increasingly providing better quality products, said EY Future Consumer Index (FCI) – India edition. The growing preference for private label products is transforming consumer perceptions, positioning store brands as the favoured alternative to traditional branded options. 70 per cent of consumers believe that private labels meet their needs just as effectively as branded products. "Consumer behaviour has traditionally evolved in response to changing economic situations, but the current shifts appear to be more permanent. Retailers are confidently launching private labels and allocating prime shelf space to them, while technology is enhancing the shopping experience by providing consumers with limitless options and the ability to compare products," Angshuman Bhattacharya, Partner and National Leader, Consumer Products and Retail Sector, EY-Parthenon said. "The rapid growth of private labels is further evidenced by the rising popularity of fresh, new brands among Indian consumers. At the same time, this presents established brands with both the opportunity and the imperative to deepen their connection with consumers and explore innovative ways to stay relevant." Retailers also appear to be responding to this shift, with 74 per cent of consumers noticing more private label options where they shop and 70 per cent observing more private label items positioned at eye level on store shelves. Additionally, a significant 69 per cent of consumers said that store brands and private labels help them save money. In addition, 59 per cent of consumers indicated that they only purchase branded products when they are on sale, prioritizing discounts over brand loyalty. About 47 per cent of respondents expressed willingness to return to a branded product if it offers superior taste, quality or performance and 44 per cent of consumers indicated they would switch back to branded products for better value for money. Almost half, 44 per cent , are also willing to pay a premium for enhancements that improve product performance. The product categories perceived as the most innovative include clothing and footwear (58 per cent ), beauty and cosmetics (51 per cent ) and personal care (45 per cent ), all of which are benefitting from their investments in research and development (R&D).
Mint
21-05-2025
- Business
- Mint
Nearly half of consumers polled switching to private labels: EY survey
New Delhi, May 21 (PTI) Indian consumers are re-evaluating their retail choices and nearly half of them are switching to private labels, according to an EY report which highlights heightened consumer expectations of value, trust and relevance from their purchase experiences. According to the latest EY Future Consumer Index (FCI) – India edition, the growing preference for private label products is transforming consumer perceptions, positioning store brands as the favoured alternative to traditional branded options. The EY Future Consumer Index tracks changing consumer sentiment and behaviours across time horizons and global markets, identifying the new consumer segments that are emerging. The 15th edition of the EY Future Consumer Index surveyed over 1,000 consumers across India, between January 24, 2025, to February 20, 2025. The report said the growing preference for private label products is transforming consumer perceptions, positioning store brands as the favoured alternative to traditional branded options. It said 52 per cent of consumers are switching to private labels, with 70 per cent agreeing that these brands are increasingly providing better quality products. Around 70 per cent of the consumers believe that private labels meet their needs just as effectively as branded products, it added. "Even when brands turn to innovation and 'brand improvements' such as changing ingredients or formulas to create more value, 34 per cent of respondents perceive these efforts as cost-cutting measures rather than genuine innovation," it said. Furthermore, 59 per cent of consumers indicated that they only purchase branded products when they are on sale, prioritizing discounts over brand loyalty. The EY report further said that retailers also appear to be responding to this shift, with 74 per cent of consumers noticing more private label options where they shop and 70 per cent observing more private label items positioned at eye level on store shelves. Additionally, a significant 69 per cent of consumers said that store brands and private labels help them save money. Angshuman Bhattacharya, Partner and National Leader, Consumer Products and Retail Sector, EY-Parthenon said consumer behaviour has traditionally evolved in response to changing economic situations, but the current shifts appear to be more permanent. Retailers are confidently launching private labels and allocating prime shelf space to them, while technology is enhancing the shopping experience by providing consumers with limitless options and the ability to compare products, he said. "The rapid growth of private labels is further evidenced by the rising popularity of fresh, new brands among Indian consumers. At the same time, this presents established brands with both the opportunity and the imperative to deepen their connection with consumers and explore innovative ways to stay relevant," Bhattacharya added. The report also noted that 47 per cent of respondents expressed willingness to return to a branded product if it offers superior taste, quality or performance. Additionally, 44 per cent of consumers indicated they would switch back to branded products for better value for money. The EY report also reveals that artificial intelligence (AI) has emerged as a key shopping tool, with 62 per cent of respondents making purchase decisions based on AI recommendations. As many as 58 per cent of consumers stated that AI has significantly enhanced their shopping experience.
Time of India
21-05-2025
- Business
- Time of India
52% consumers are switching to private labels
Indian consumers are reevaluating their retail choices with more than half or 52% consumers are switching to private labels , with 70% agreeing that these brands are increasingly providing better quality products, said EY Future Consumer Index (FCI) – India edition. The growing preference for private label products is transforming consumer perceptions, positioning store brands as the favoured alternative to traditional branded options. 70% of consumers believe that private labels meet their needs just as effectively as branded products. "Consumer behaviour has traditionally evolved in response to changing economic situations, but the current shifts appear to be more permanent. Retailers are confidently launching private labels and allocating prime shelf space to them, while technology is enhancing the shopping experience by providing consumers with limitless options and the ability to compare products," Angshuman Bhattacharya, Partner and National Leader, Consumer Products and Retail Sector, EY-Parthenon said. "The rapid growth of private labels is further evidenced by the rising popularity of fresh, new brands among Indian consumers. At the same time, this presents established brands with both the opportunity and the imperative to deepen their connection with consumers and explore innovative ways to stay relevant." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo Retailers also appear to be responding to this shift, with 74% of consumers noticing more private label options where they shop and 70% observing more private label items positioned at eye level on store shelves. Additionally, a significant 69% of consumers said that store brands and private labels help them save money. In addition, 59% of consumers indicated that they only purchase branded products when they are on sale, prioritizing discounts over brand loyalty. Live Events About 47% of respondents expressed willingness to return to a branded product if it offers superior taste, quality or performance and 44% of consumers indicated they would switch back to branded products for better value for money. Almost half, 44%, are also willing to pay a premium for enhancements that improve product performance. The product categories perceived as the most innovative include clothing and footwear (58%), beauty and cosmetics (51%) and personal care (45%), all of which are benefitting from their investments in research and development (R&D).
