RetailWit Mentions First Insight | Can Lululemon make a federal case out of 'dupe culture'?
The consideration of private label products has radically transformed, especially on items where demand is elastic, according to First Insight CEO Greg Petro.
“Consumers are prepared for private brand. They’re ready. They’re open to it,” he said by phone, citing the firm’s recent research. “And the reason is very simple: They’re looking at something called a value quotient on a product — is the quality, experience and price related in a way that makes it valuable for them to transact with you.”
As Petro notes, however, these days more people are gravitating toward private labels, including knockoffs, and fewer people care about who knows that they’re not originals. Nearly 45% of consumers and 70% of those earning $150,000 or more a year “say they’re more likely to try private label if it’s marketed as a dupe of a high-end product,” First Insight found.
Read the full article on RetailWit.
