Attest: Inflation Leads to Less Grocery Brand Loyalty

According to new data from Attest, consumers are more likely to switch grocery brands for cost-savings than other product brands, with 71% of those surveyed willing to ditch preferred brands to save money.

The new survey numbers reveal that food inflation is continuing to hit consumers hard. Private brands have benefited from this lack of brand loyalty, with 2023 already seeing continued success following a record-setting 2022.

Food and beverage brands are cited as the type of products consumers are most likely to switch to save money ( 71%), followed by clothing/shoes ( 40%). Out of all categories, Americans are least likely to want to change their financial services provider (14%) to save some money, indicating a high level of trust being placed with these providers by consumers. This is followed by vice products (alcohol, tobacco) and furniture/decor brands (both at 16%).

When asked what leads to a brand switch, a negative experience with a brand (33%) is only just ahead of price increases (32%) as the top reason, followed by bad customer service (18%).

“Inflation’s impact is weighing heavily on brand loyalty for American consumers, with eight in ten (88%) saying they are now willing to try different products and services due to price pressures,” said Attest in the report.

When asked where they have seen the largest price increases, groceries (75%) were by far the highest category. Energy ranked second (37%) followed by travel (27%). The vast majority of shoppers (80%) feel that brands are using inflation as a guise to hike prices. Of this majority, 58% believe “more needs to be done” to protect consumers from rising prices.

Attest surveyed 2,000 nationally representative working-age consumers based in the U.S. for the report.