Amid high inflation, CPG consumers have increasingly shifted to private brands (also referred to as store brands or private labels). This report provides an update on the $217 billion store brand landscape in the U.S. so you can identify opportunities to increase demand for your own brand and private brand offerings.
Highlights:
- In 2023, private brand dollar sales increased 6% and unit sales increased 0.9%. Private label sales were higher across food and beverage (6.7%) compared to nonedible (5.1%).
- Households with children, and millennial and Gen X households with no children, each represented one-third of private brand food and beverage unit purchases.
- Even in the salty snack aisle, where name brands dominate, consumers are recognizing the value of private brands.
- Retailers can demonstrate how private brands work with the ways consumers are cooking today, such as with air fryers and instant pots for easy-to-prepare meals.
