A 2019 IRI Consumer Connect Survey found that “private brand dollar sales grew 3.8% in 2019, twice the rate of national brands.” And during the pandemic, private label brands continued to outperform national brands while posting double-digit sales growth. Consumers have moved past the myth that private label products aren’t as good as national brands. Store brands now set the trends instead of following them.
Although grocers aspire to store brand innovation that keeps pace with evolving consumer preferences, it’s easier said than done. Mintel research shows that three-quarters of private label consumers believe store brands reflect on the retailer, indicating that retailers are only as strong as the private labels they sell. Private label brand owners that can respond quickly to market shifts due to agile product development processes and effective supply chain partners are far more likely to succeed.
Watch this on-demand webinar with Mel Bandler, Brand Retail Sustainability Manager at Fair Trade USA, to discuss what trends grocery label brands can expect moving forward and how to overcome challenges to outpace the competition.
In this on-demand webinar, viewers will discover: