Circana™, an advisor on the complexity of consumer behavior, released a new report on the state of private brands (also referred to as store brands or private labels). Despite high inflation, private brands have experienced growth, surpassing $217 billion in sales in the United States market. The report, “CPG Private Brands Update,” provides an update on the store brand landscape, and identifies retailer opportunities to increase demand for their own brand and private brand offerings.
“Private brands are increasingly capturing market share from name brands, experiencing growth in both dollar sales and units,” said Mary Ellen Lynch, principal, Center Store Solutions, Circana. “This trend is driven by consumers, particularly those with children, as well as millennial and Gen X households without children, who are strategically employing a variety of methods to stretch their dollars amid high inflation.”