Private Labels No Longer Just About Price
From eMarketer:
Growth of the private-label market in recent years has been driven by demand from lower-income shoppers as well as budget-conscious millennials. But these products are attracting wealthier consumers, creating yet another challenge for national brands.
According to an IRI survey released last week, over half (52%) of consumers with household income of more than $100,000 said they expect to buy more private-label products over the next six months. For those earning $55,000 to $99,000, 62% planned to do the same.
Those percentages are still smaller than the responses among consumers making less than $35,000 and millennials in general (76% and 74%, respectively). However, the private-label buying plans among the more affluent were higher compared with previous findings, according to IRI.
Growth of the private-label market in recent years has been driven by demand from lower-income shoppers as well as budget-conscious millennials. But these products are attracting wealthier consumers, creating yet another challenge for national brands.
According to an IRI survey released last week, over half (52%) of consumers with household income of more than $100,000 said they expect to buy more private-label products over the next six months. For those earning $55,000 to $99,000, 62% planned to do the same.
Those percentages are still smaller than the responses among consumers making less than $35,000 and millennials in general (76% and 74%, respectively). However, the private-label buying plans among the more affluent were higher compared with previous findings, according to IRI.
Comments