As consumers face a challenging economy, retailers and their Retail-owned Brands are adjusting their promotions to support them in those challenges. Numerator, a market research company with first-party, consumer-sourced data, continues to track purchase data and survey verified buyers to understand these shifts in consumer behavior.
Retailer-owned Brands continue to be the focus compared to the prior year, according to the company’s Promo Shift Dashboard: Almost one-third of December 2022 promotions featured a private brand. Share of voice for private brands was up nearly 10% in December 2022 compared to December 2021.
Brands and retailers will need to competitively promote for the remainder of the year as consumer sentiment around promotional activity stays elevated compared to the start of 2022. Nearly 1 in 4 consumers say they would switch brands to take advantage of a deal, and 32.7% of consumers check store ads.
To help consumers be able to celebrate the holidays after exceptional inflation, retailers provided more promotions focused on absolute savings, about 18% more versus a year ago, the data shows.
- 32% of consumers often use coupons to save money
- 33% check retailer ads before shopping.
- 27% of consumers would switch brands to take advantage of a deal
- Total promotional volume continues to be up by 12% compared to December 2021, driven by digital promotions.