Fewer and fewer consumers are staying loyal to their favorite brands.
A new survey shows brand loyalty has dropped for the third year in a row. Deloitte's annual American Pantry Study out Tuesday shows nearly nine in ten consumers are substituting private-label, or store, brands for national brands they've regularly bought in the past.
The survey, which was conducted in January, also finds 94 percent of Americans indicate they will remain cautious and keep their spending for food, beverage and household goods at its current level despite the stronger economy and climbing stock market.
The last recession left a deep scar and many consumers are harboring a tremendous amount of remorse over prior careless spending habits, according to Pat Conroy, vice chairman and U.S. Consumer Producers Leader at Deloitte. He believes there has been a permanent shift in the way people shop.