The Consumer Trap
Brands are big business, and nowhere is that more apparent than in the aisles of a supermarket. But the important thing to take on board is that 'branded' doesn't necessarily mean 'better'. For example: you probably wouldn't notice the difference in cereals that were 30% (or more) cheaper just because Mr. Kellogg hasn't signed the box.
Branded products are often stocked at eye-level for instant recognition and easy accessibility. This is such a powerful consumer trap that many brand manufacturers pay supermarkets additional fees to provide them with pride-of-place on the shelves. If you want the cheaper varieties it may involve searching high and low - literally!
Further, lower-end products such as supermarket value ranges are designed to be as unappealing and as unattractive as possible. Don't let this put you off. Unless you intend to eat the packaging as well, or put it on display on your living-room wall, there are few, if any, logical reasons not to buy something just because it isn't wrapped in pretty colours.
How Does it Compare?
When shopping for food items, it is always worth checking the ingredients. Often the cheaper branded products will contain virtually the same ingredients, but sometimes the more expensive options will offer additional benefits such as being low in salt or fat, enriched with vitamins, or made with fresh produce rather than frozen. If this is the case, you will need to make a decision as to whether these additional perks make the more expensive option better value for you.
Whenever branded products become especially popular because of some notable feature or another, there are always copycats who will duplicate the product (sometimes almost exactly), market it under a slightly different name, and make the price just that little bit more attractive. This is very bad news for brands, but very good news for customers.
Take the Challenge!
When you buy certain types of products as a household staple, it is always worth road-testing cheaper variations of the same product. You may find:
When you buy certain types of products as a household staple, it is always worth road-testing cheaper variations of the same product. You may find:
- that the cheaper product isn't for you; or
- that the cheaper product is just as good, in which case you'll have reduced your average shopping bill from that point onward.
Anything is worth trying once... well, almost anything. For some types of products, quality can vary greatly. It's generally risky to go for generic brands of specialty items such as:
- wine, beer & spirits
- cheese & dairy
- meat
- fish
- shaving razors
Shop Smart
When shopping for cheaper items, also beware false economy. A false economy is an action that saves money in the short term but ends up costing considerably more in the long term. In the context of groceries, something that appears cheap on the face of it may end up being much less so because you need to use more of it (in the case of kitchen-roll and toilet-paper etc) or it doesn't last as long (in the case of shaving razors etc).
Remember that it's the things we spend money on every day, week or month - our staples - that can have the biggest impact on our finances. Every £5 trimmed from your weekly shopping trip equals £260 per year, so it's worth at least trying to skim the fat where you can.
When shopping for cheaper items, also beware false economy. A false economy is an action that saves money in the short term but ends up costing considerably more in the long term. In the context of groceries, something that appears cheap on the face of it may end up being much less so because you need to use more of it (in the case of kitchen-roll and toilet-paper etc) or it doesn't last as long (in the case of shaving razors etc).
Remember that it's the things we spend money on every day, week or month - our staples - that can have the biggest impact on our finances. Every £5 trimmed from your weekly shopping trip equals £260 per year, so it's worth at least trying to skim the fat where you can.
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