There is a personal side to this one. Having been a chef, it surprises a lot of people that I actually prefer no name brands. Think to yourself honestly: If you took a package of Primo, DeCecco, or any other spaghetti and compared it to a no name brand, how many people in a blind test could point out which one is which? I’m skeptical. So, this is more than just numbers. My ego is on the line as I persuade you readers that it doesn’t make a damn difference.
Meet The Homemaker
The homemaker is a resident of Vancouver and typically does their grocery shopping at Superstore. With the exception of the produce and meat, they buy the name brand products when it comes to non-perishables (pasta, flour, sugar, canned goods, and so on).
What the homemaker doesn’t realise is that the no name brands at Superstore are on average 20% less than the name brand counterparts. The homemaker’s home consists of two adults and two children. On average, they spend $1500 per month on groceries, $500 of which is for non-perishables. Let’s assume that they want to switch over and convert to using all no name products and that whatever money they save will be invested at an average 8% return.
A savings of 20% on $500 worth of non-perishables comes to $100 each month. If they’re putting aside and saving $100 per month, here are the numbers…
- 10 years – $12,000 contributed, $17,384 market value, $5,384 earned
- 20 years – $24,000 contributed, $54,914 market value, $30,914 earned
- 30 years – $36,000 contributed, $135,940 market value, $99,940 earned
- 40 years – $48,000 contributed, $310,867 market value, $262,867 earned
Food Snobs, Take Heed
If we’re really honest with ourselves, do we really enjoy name brands more than the no names? I’d dare to say no. I feel most of the time, it’s more a matter of familiarity than it is superiority. So, give no names a shot and see how much money you save.