Yesterday, we talked about how our thoughts affect our enjoyment of products. When we think something will be better, it is.
Our next step is to convince ourselves that store-brand products are just as good as name-brand products. We know that the brand of a medicine or a food item can have a big effect on the price. So if we can convince ourselves that the store-brand products are just as good, we can end up saving a bundle of money on everyday products.
Ok, ready for some proof?
Consumer Reports recently did a study comparing store-brand products to their more expensive counterparts. If you spend $100 each week on groceries, the savings add up to over $1,500 a year, so it’s a nice chunk of change. I argue that it’s not worth giving up quality, but some products will save you a bundle without having to sacrifice quality.
Also, an interesting note: Many of the companies manufacture both types of products, so in many cases, the products aren’t just copied, they’re nearly identical. Still not convinced? Let’s take a closer look:
Of the 21 matchups in the Consumer Reports test, national brands won 7 matchups. The store brands won 3. If you’re thinking that the big brands are better, they are in these 10 cases. But in the remaining 11 cases, the store-brand and name-brand products were of similar quality.
So overall, consumers either had no preference or liked the store-brand products 14 of 21 times. 66% of the time isn’t so bad. If you are stuck in your ways, you’ll end up paying a lot more to get the better quality the remaining 33% of the time.
While store-brand products might not always beat out name-brand products, it looks like they are similar enough in quality so much of the time that it’s worth trying out the store-brand.
You should now be convinced that you’re not sacrificing quality to save and hopefully you’ll be the savvy shopper who saves more than the $1,500 Consumer Reports suggests.