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Influence of Private Label Brands

11/27/2019

According to a November 13th Institute of Feed Technologists newsletter, the Food Marketing Institute in cooperation with IRI confirmed that nearly half of consumers agree that store brands influence their choice of retailer. An increase from 35 percent affirming the influence of store brands in 2016 to 46 percent was recorded in the most recent survey. A report on store brands entitled The Power of Private Brands:  From the Consumer analysed trends and predicts the growth of private brands across categories and channels.

Doug Baker, Vice President for Industry Relations for FMI stated “The solid growth of private brands reflects the success of retailers treating private brands as brands rather than just following the lead of national and legacy brands”. He added “The proof is in consumer satisfaction. Shoppers surveyed shared most that they trust the quality of private brands and believe they get a good value.”

For the second consecutive year, private brands achieved a 5.4 percent increase in value of sales across multiple retail outlets. Mark McKeown of IRI commented “Consumers have shown that they are willing to embrace new directions in their private brand strategies which suggest myriad possibilities for retailers as they explore shopper preferences as revealed in our research”.