Freakonomics Radio 178. How to Save $1 Billion Without Even Trying
Sep 11, 2014
Experts like doctors and chefs prefer store-brand products, challenging the notion that brand names hold significant value. The podcast explores consumer behavior, the influence of advertising, and the improvement in quality of store brands. It also discusses the importance of knowing active ingredients in medications for informed purchasing decisions.
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PB&J Blind Taste Test
- Freakonomics Radio did a peanut butter and jelly blind taste test with only store brand ingredients.
- Most tasters believed premium and store brand sandwiches tasted different despite identical ingredients.
Experts Prefer Store Brands
- Experts like pharmacists disproportionately buy store brand medications over name brands.
- This suggests informed shoppers often recognize generics as equally good at a better price.
Knowing Cuts Brand Premium
- Sophistication and product knowledge influence shopping choices between name and store brands.
- Informed buyers in surveys can reveal how better knowledge might reduce brand premium spending.