Matching theory predicts choices on concurrent variable ratio schedules on which consumers' brand selection occurs will show maximization via exclusive choice of the richest schedule. However, aggregate studies of consumer choice indicate two modes of consumer brand purchase within a product category: either exclusive purchase of one brand or multibrand purchasing. This article uses brand-selection data from individual consumers to determine whether, at this level of analysis, (a) consumers' purchasing patterns show matching, (b) consumers maximize returns, and, if so, (c) what they maximize. Consumer behavior for fast-moving goods exhibits matching, but in the form of multibrand purchasing rather than exclusive choice. Moreover, for substitutes, brand selection is price sensitive, suggesting both melioration and maximization; for nonsubstitutes, choice is not price sensitive but still appears consistent with maximization of price-and nonpricerelated sources of value. ᭧ 2003 Wiley Periodicals, Inc.Although marketing researchers appreciate the significance of branding, they have only a partial understanding of how consumers react to and work with brands in the choices they make from day to day. Aggregate analyses of consumer brand choice show that comparatively few consumers of a product category are 100% loyal to any particular brand.