People’s buying habits are changing. Across fast and slow moving categories, products and some services, big brands are losing out.
Look at the rise of Aldi. Over 50% of its products are private label, they offer good quality at an affordable price and their growth doesn’t seem to be slowing down. Craft beers are on the rise and represent a move away from the previously well established brands. Boutique labels are a chance to stray from the norm but battle the big brands for space, and they’re doing very well.
So why have things changed? Is technology the major disruptor? The mobile phone has replaced many of the things we would have once needed every day – the alarm clock, the paper, the diary, the camera, the calculator… And then there’s those millennials again, hastening the pace of innovation and heralding the inevitable disruption of change. Is it the mentality of the buyer or the process of the transaction that’s the major difference today?
With so many factors to consider and so much data to work with, we sought to establish a clearer understanding of major pressures faced by major brands over the past decade.