The pandemic has made private labels extra popular.
In 2020, the CPG industry grew >10% and private labels accounted for 18% of that growth (IRI). Private brands represent $120 billion in U.S. grocery sales alone (Boston Consulting Group).
Now more private brands are popping up across retail categories – especially segments with solid sales during the pandemic.
Private labels help retailers:
- Build a unique assortment
- Earn loyalty with exclusive products
- Gain more control over profit margins
Consumers buy private labels to:
- Save money
- Gain variety and innovation
- Find substitutes when other brands are unavailable
Over the past year, have you bought more private labels (or stayed loyal to your favorite brands)?