Are you keeping up with the private brands revolution?
Private brands are thriving in today’s marketplace. While store brands were once low-cost, generic alternatives to their starring national cousins, now they’re giving those brands heavy competition. U.S. sales of private label goods grew more than twice as fast as name brand products between 2015 and 2019 according to Nielsen.
Why? Consumers, particularly Millennials and younger shoppers, care more about what’s in a product and how it’s produced than a particular name. And retailers have gotten better at producing quality products. This includes making sure store brands look like a brand. A retailer can’t win marketing a select or premium product in a cheaply made, unappealing package.
This report examines how the revitalization of private brands began, trends that are driving it, which retailers are doing it best, and what to consider before launching or updating a private brand portfolio.