Product of the Year Awards 2024: Coles, Woolworths home brands dominate

A new shopping trend has emerged according to recent research, proving Aussies are desperate to cut back on living costs.

Supermarket trend proves Aussies are broke

New data has revealed Australians are switching to supermarket home brand options in a desperate bid to save money amid the current cost of living crisis.

Rising inflation rates have had a dramatic impact on households, with 86 per cent of us employing cost saving techniques to help stretch the grocery budget further, according to research conducted by consumer data analysts, NielsenIQ, as part of the 2024 Product of the Year Awards (POY).

After collating information on the shopping habits of over 5000 Aussies, the findings revealed that 45 per cent of people have switched to home brand options, while 3 in 5 of us have ditched snacks from our shopping lists, including chocolates, desserts and premium nuts.

Other cost-cutting tactics identified in the report included 42 per cent of Aussies switching to cheaper cuts of meat, while 40 per cent of people have cut back on food delivery, as the same number of people said they were consuming more home-cooked meals and reducing food wastage by eating leftovers.

New data has revealed Australians are switching to home brand products in a bid to save money. Picture: iStock

This savvy behaviour in the supermarkets has been reflected in the winners of the annual POY Awards, with both Coles and Woolworths scoring big on its own home-brand, deli and bakery products.

In total, Coles has taken 19 of the 44 award wins, while Woolworths has snagged an impressive 10 product prizes.

“Over the last few years, retailers have become more focused on creating quality own-label products across a broader range of categories,” Sarah Connelly, Product of the Year director, told news.com.au.

“This is a trend that continues to grow, and year on year we are seeing own-brand products represented in an increasingly large number of previously brand-dominated categories.

“The findings also highlight how Australian consumption habits have shifted considerably, with the cost-of-living crisis echoing through many households.

“Whilst snacks and treats were commonplace in the shopping trolley before living expenses started to increase exponentially, these are now classed as luxury items rather than a need, with many shoppers viewing snacks as a low priority when it comes to feeding the family.”

Coles has taken 19 of the 44 award wins in the 2024 Product of the Year Awards. Picture: Supplied

while Woolworths has snagged an impressive 10 product prizes. Picture: Supplied

But for those on the hunt for great produce at affordable prices, the winning Coles and Woolworth items are a great place to start, after being crowned elite by a panel of judges based on quality, credibility, and innovation.

Ms Connelly said there were several standouts, including the Coles Gluten Free Ultimate Choc Chip Cookies Baking Mix which she said is the first Gluten Free Mix to market.

She also praised Woolworths Macro Pasture Raised Carbon Neutral Eggs for the product’s “sustainability nod” as well as the Woolworths Lemon and Herb Panko Crumbs for its “resealable packet which helps with ease and convenience”.

“Coles also won in historically brand-loyal categories such as haircare and hand wash with the Koi Hydrating Shampoo Bar Ginger & Lemongrass and the Koi Foaming Hand Wash Starter Kit,” Ms Connelly added.

Coles Gluten Free Ultimate Choc Chip Cookies Baking Mix were among its products to win an award. Picture: TikTok

Woolworths Lemon and Herb Panko Crumbs were among its winners. Picture: TikTok

Other home brand supermarket winners for Coles include its Finest Thick & Juicy Beef Burgers and its Finest Belgian Dark Chocolate range.

While Woolies Greek Yoghurt and its Smokey BBQ Slaw Kit took out category winners.

Meanwhile Aldi also won an award, taking out the top spot for “most affordable supermarket”.

Coles reported a rise in customers switching to cheaper “alternatives”, especially in key categories such as pantry staples including oil, pasta and rice.

“Our Own Brand and exclusive products help household budgets go further by offering innovative products which cater to the differing needs of our customers,” Charlotte Rhodes, Coles general manager own brand, told news.com.au.

“We work with a passionate team of development chefs, farmers, product developers, and food specialists who have gone to great lengths to create our high-quality, innovative products that customers won’t be able to find anywhere else.”

The Australian Bureau of National Statistics recently revealed annual inflation was 9 per cent in real terms for working families — much higher than the offical rate of 5.4 per cent to September.

The biggest contributor to the latest quarterly figure was seen in fuel costs, which rose 7.2 per cent. Electricity also lifted by 4.2 per cent while rents were up by 2.2 per cent.

Meanwhile the price of food and grocery prices at Coles and Woolworths rose by an annualised 9.6 per cent increase in April, according to new data by invest bank, UBS.

This has been disputed by the supermarket giants.

Originally published as Product of the Year Awards 2024: Coles, Woolworths home brands dominate