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Cost Vs Benefit:
The majority of consumers that choose brand name products over generic products will do so because they believe the name brand products are a higher quality than the generic products. Even though the prices of most name brand products are more than generic products, many consumers feel that the benefits of purchasing a name brand product are greater than the costs. However, the type of product can also determine whether or not the consumer will choose the name brand product or generic product.
In an interesting trend, generic brands are also raising their prices at a higher rate than name brands. According to the Wall Street Journal, generic brands have raised the prices of nonperishable food by 5.3% compared to 1.9% for name brands. For perishable food, generic brands have raised their prices 12% compared to 8% for name brands. However, the WSJ also says that generic products still cost about 29% less than most name brands. But there are instances where the generic product is actually more expensive than the name brand product. For instance, generic diapers at Sam’s Club are more expensive than the name brand diapers.
Advertising. People THINK they are better quality. Sometimes they are, sometimes they aren't. Often brand name and generic products are made in the same factory, but with different packaging. You have to try the generic products to tell if they are just as good.
Example: Oreos are great, but generic oreo cookies are usually terrible. Scotch tape is great, but really, what's the difference between Scotch tape and generic tape? All bananas seem to be the same, is it worth paying more for Chiquita? But electronic products may be better: Maytags used to last for decades, but now they're made in China and have short lifespans like everyone else's products. GE TV lasted 25 years. Vizio TV lasted 4 months.
Medication is regulated and so I feel confident that a generic version of an over-the-counter drug will deliver the same results as the branded one. I'd feel comfortable strolling into a Walgreens or CVS Pharmacy and picking up a bottle of store-brand cough syrup. So if generic products are not as good as brand-name products, are they at least good enough? Would you rather pay more and get a quality product or pay less and get something lesser in quality? As a consumer, only you can answer that.
In general, brand-name products are better than generic products. Or at least their marketing is. This concept isn't really disputed because if generic vs. brand-name items were priced the same, you would go with the brand name every single time.
Not necessarily! If you shop sales, price match, or use coupons, there are many times you can get name brands cheaper than store brands. I found a great example of this by Mary at Mission to Save. She once bought 16 boxes of name brand cereal for $.48 a box by taking advantage of sale prices, doubled coupons and fuelperks savings. I don’t know about you but I have never seen a store brand box of cereal for $.48!