IRI report explores private brand recovery amid inflation and economic uncertainty
IRI®, which recently merged with The NPD Group to create a global technology, analytics and data provider, released a new report exploring trends in private brand (also referred to as store brand or private label) products, which have not reached their expected growth amid 2022’s economic uncertainties. The report, “Private Brands: Look Who’s Buying Now,” provides an update on the store brand landscape and identifies retailer opportunities to increase demand for their own brand and private brand offerings.
“While consumers have historically navigated to store brand products to save money during challenging economic times, we’re seeing that only modest gains have been made in private brand’s share of the consumer wallet this year,” said Mary Ellen Lynch, principal, center store solutions, IRI. “Retailers must be hyper-focused on understanding their shoppers’ needs and emerging opportunities to spur growth amid modest private brand trends throughout the entire retail landscape.”