top of page

The finance facts about branded goods

Updated: Feb 3, 2022

Let’s talk branded products vs non-branded products.

Did you know that British people are willing to pay 12% more for a product from a brand they know over a non-branded product? As a result, British people spend £258 more each year buying branded products. You may be thinking, what is the fascination with branded products?

There are a number of reasons why people why buy brands. Firstly, brands offer peace of mind - you’re more likely to feel confident in a purchase if it’s a branded product because its a safe and predictable choice where you know what to expect. Also, having a branded product reduces time. How many times have you stood in a supermarket and wondered what type of baked beans to buy? With so many options, how do choose the right one? And with so many people wanting convenience first, having a branded product is a no-brainer.

There’s also a personal element attached to a brand. Brands can reflect who we are. For example, having Nike trainers may paint you as an athlete, with an active lifestyle - someone that is inspiring, exciting and cool. Compared to sketchers (we won't use any words to describe the personalities associated with those questionable shoes). But when buying a brand, we can also share our experiences with others and show others what we stand for via the brands that we choose.

Some of the most common items we are likely to buy from brands include trainers, coffee, shampoo, deodorant, alcohol, ketchup, cereal and beans. With Apple, Coca-Cola and Cadbury among the top brands that British people are most likely to buy because of the name. Similarly, Adidas, Starbucks, Heinz, Colgate, Pepsi and Andrex products have been bought primarily because of the strength of the brand name.

There’s nothing wrong with buying the odd brand (I mean, literally everyone has an iPhone right?) But if you want to reduce your dependency on buying products then these are the tips for you:

Unsubscribe to newsletters

Newsletters are often a marketers dream - it’s the perfect way to get into our minds via the handheld device we all spend a lot of time on and access our wallets straight away. You'll probably find you're a lot less tempted by newsletters, if you don't see them. If you want to take it a step further….Don't follow them on Instagram, Facebook, and avoid all ways where you can buy without thinking.

Start shopping at thrift stores

This one applies for clothing more than it does food (we don’t recommend buying your Heinz beans from a second hand shop). Charity shops are great - not only can you get high-quality products for a cheap price, you can also decrease your impact on the environment. Charity/Thrift shops can provide some great bargains and allow you to get all the branded items you can ever dream of.

Try alternatives

Rumour has it that many of the branded products are made in the same factories as non-branded products. Sometimes instead of buying Heinz tomato ketchup, a solution may be buying a supermarket own brand - it can’t be that different right?

Ask yourself why you are being brands

Although we listed some of the reasons why branded products are flying off the shelf compared to non-branded products, there may be some other reasons such as the people you are hanging out with influencing you to buy brands or you feeling like you have to because you need to fit in - if thats causing you to buy more brands - ditch those people.

Fempire Finance

48 views0 comments


bottom of page