Private label has increasingly found favor among consumers over the years. 2020 pushed this trend even further with dollar sales increasing over the past five years from $131 billion in 2016 to close to $160 billion in 20201. And with 52% of consumers stating that they will continue to buy store brands after the pandemic is over2, private label is definitely on the rise.
How do retailers convey that their private label quality is as good or better than national brands? And how to find that price-point sweet spot—lower than national brands without seeming too cheap? Retailers must aim to win consumer trust and even loyalty, and all this at a time when supply chains are heavily disrupted.
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1Data from Neilsen and NeilsenIQ in separate insights, 2019 and 2021.
2Dan Ochwat, “Hartman Group: Private label is here to stay,” Jan. 13, 2021, www.storebrands.com