90% of Canadians to pivot from brands to private labels for the holidays: report
62% are thinking more carefully about how they spend their money
TORONTO — As the holiday shopping season approaches, the EY Future Consumer Index survey finds that the majority of Canadians (90%) will be pivoting away from brands to private labels as the COVID-19 landscape continues to disrupt shopping attitudes and behaviours.
“With sudden supply chain interruptions and store closures across the globe, many consumers have had to switch up their typical buying habits to try new products and purchasing methods when their go-to brands weren’t available,” said Lokesh Chaudhry, EY Canada Consumer co-leader, in a prepared statement. “Private labels have grown in popularity as North American retailers worked hard to invest in their private label programs by offering innovative products, flavours and pricing promotions.”
When choosing a product or service, the survey shows Canadian consumers are focused on price (60%) and availability (40%), with 62% of respondents thinking more carefully about how they spend their money.
“These survey results show how consumer purchasing is going to be fundamentally different this year as Canadians seek out the best deals that give them the most value for their money,” said Chaudhry. “Now is the time for retailers to develop a business-to-human (B2H) approach to services and experiences to stimulate long-term customer relationships through the upcoming festive season and into the new year.”