IRI is out with a new report, “Private Brands: Look Who’s Buying Now,” which looks at the own-label business trends and opportunities.
Key findings:
• “Across the total store, 99.7% of U.S. households purchase store brand products, whether intentionally or not.”
• “Store Brand Loyalists tend to be older, have larger households, are less urban and are homeowners.”
• “54% of Store Brand Loyalists have a median household income of less than $70,000. “
• “SNAP recipients are an important segment of private label shoppers, as 36% of SNAP shoppers will switch to store brands more often.”
• “During the recent inflationary time, store brands increased their share of all-outlet dollar sales to 17.5%.”
• “Consumers increasingly say that store brands influence where they choose to shop; 35% of consumers frequently or always choose a retailer based on the selection of store brand products, up 2% from 2021.”
• “Both club and mass channels are gaining more than their fair share of consumer spending on non-edible store brand products.”
The report also recommends that “retailers can appeal to and capture younger shoppers by offering more options for convenience, healthy attributes and flavor adventure in private brand products,” and that “retailers should support store brands in a similar fashion to name brands with a commitment to brand development, production, packaging, promotions, placement and pricing.”
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