Abstract
The present paper is focused on the issues of private labels, their establishment, perception and preference by selected groups of respondents, namely consumers under the age of 25 and also inhabitants of selected V4 countries (Slovakia, Hungary and Czech Republic). An anonymous questionnaire survey was chosen as the main research method. A total of 3038 respondents aged under 25 participated—1064 respondents were from Slovakia, 973 from Hungary and 1001 from Czech Republic. This research method was subsequently supplemented with selected statistical methods evaluated in the XL Stat statistical program, SAS Enterprise Guide 7.1 and SAS 9.4, where hypotheses were examined by Pearson’s Chi-Square Test, Mantel–Haenszel Chi-square test, Cramer’s V contingency coefficient, Pearson’s correlation coefficient, Friedman’s test, Kruskal–Wallis test, Correspondence analysis and Phi Coefficient. The results of the survey can be perceived more than positively as most of the respondents declared that they knew the concept of private labels; more than 80% of respondents buy them either regularly or sporadically; just over 32% of respondents explicitly prefer them in their purchases and in terms of the perception of the quality, almost 75% of respondents think the quality of private label products is comparable to that of traditional brands.
Highlights
In the modern market economy where the supply exceeds demand [1], companies are facing a number of challenges due to the dynamic environment [2,3]
That there have been a few studies that have suggested that consumer needs, interests and attitudes vary with age and that younger consumers have a more positive attitude toward innovation, ICT adoption, computing, online shopping and m-shopping (e.g., [50,51,52,53]). This segment of consumers represent potential customers, with a high potential to become loyal customers (e.g., [54,55,56]), but the fact is, that almost none of the researches have focused on this segment of customers in the field of private labels, the only exceptions in this field are our own previous research, where we have focused on the given issue from the given point of view (e.g., [57,58,59,60])
The results of our questionnaire survey show a number of interesting findings on the basis of which it can be confirmed that despite the fact that private labels appeared in Slovakia later than it was in the case of our “neighbors”
Summary
In the modern market economy where the supply exceeds demand [1], companies are facing a number of challenges due to the dynamic environment [2,3]. Resource misallocation has resulted in differences in intereconomy total factor productivity. The factors driving different levels of resource misallocation still need to be investigated [8]. Currently, the company’s value and performance are not dependent on the value of their property, production or equipment, but rather depends on how it is perceived by the public and what name it has. For this reason, companies are looking for new opportunities to reach new potential customers and make them loyal customers who will regularly buy their products and services, which will strengthen their competitive advantage and improve their perceived name. While the branding can be seen as a strategy or mechanism whose key function is to differentiate products and services with a view to ensuring competitiveness [10], there has been a significant shift in terms of consumer preferences to private labels over the last two decades [11] characterized by a slightly different strategy but with similar goals
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