Research & Trends
FMI Releases The Power of Private Brands 2023
More than 80% of respondents to a recent FMI survey of industry executives for its report, The Power of Private Brands 2023: Innovation that Drives Winning Private Brands, said they plan to increase Retailer-owned Brands (private brand) investments moderately or significantly in the next two years, which helps set the stage for more innovation opportunities. The report, which was previewed last month at the Velocity Conference by FMI Vice President Industry Relations, Doug Baker, suggests, at the same time, only 10% of the executives responding said their organizations are “very far along” with innovation, indicating opportunities for progress, even after
Last Chance: Private Brand Innovation Benchmarking Research
SURVEY CLOSES ON WEDNESDAY! We need your opinion and insight. Please take a few moments and participate in our latest industry benchmarking. This unprecedented research is designed to speak directly to the industry and gauge how retailers, manufacturers, and solution partners are approaching private brand innovation. This project conducted by our research partner VOCCII is focused on providing insights about the current State of the Private Brand Innovation. At the Velocity Institute, we use the term Retail-Owned Brands – this term is inclusive of private brand, private label, store brands, own brands, our brands, generic or any other term
OPINIONS NEEDED. Private Brand Innovation Benchmarking Research
We need your opinion and insight. Please take a few moments and participate in our latest industry benchmarking. This unprecedented research is designed to speak directly to the industry and gauge how retailers, manufacturers, and solution partners are approaching private brand innovation. This project conducted by our research partner VOCCII is focused on providing insights about the current State of the Private Brand Innovation. At the Velocity Institute, we use the term Retail-Owned Brands – this term is inclusive of private brand, private label, store brands, own brands, our brands, generic or any other term that means a brand
We need your help. Private Brand Innovation Industry Benchmarking Research
Today I am excited to launch the first industry benchmarking survey that Velocity Institute of 2023. This unprecedented research is designed to speak directly to the industry and gauge how retailers, manufacturers, and solution partners are approaching innovation. This project conducted by our research partner VOCCII is focused on providing insights about the current State of the Private Brand Innovation. At the Velocity Institute, we use the term Retail-Owned Brands – this term is inclusive of private brand, private label, store brands, own brands, our brands, generic or any other term that means a brand owned and managed by a
75% of Americans Will Continue to Buy Private Brand After Inflation Subsides
As inflation continues to stress American food budgets, new research from consumer research platform Attest reveals that many consumers now prefer Retail-owned Brands (private brands.) The 2023 U.S. Food & Beverage Trends report surveyed 2,000 U.S. consumers, finding that 58% are “very likely” to buy private brands as opposed to more expensive manufacturer brands, while 27% are “somewhat likely.” Only 4% are “unlikely” to buy private brands. 74% would make the switch from big-name brands permanent, noting they would “definitely” (34%) or “probably” (40%) continue purchasing private brand if the price was no longer a concern. Only 9% wouldn’t keep
Growth is a Private Brand Priority in 2023
Grocery Doppio in partnership with grocery insights firm FMI—The Food Industry Association today unveiled the State of Digital Grocery: Unlocking Private Brand Growth report, in partnership with. The report, based on interviews with 117 senior industry executives, revealed new insights about the state of grocery Retail-owned Brands (private brands.) Key findings include: Improving sales of private brands is a priority in 2023 83% of grocery executives said that private brand should be a C-level priority 91% claimed to have a private brand strategy and roadmap 85% intend to increase the number of digital assets for private brand in 2023,
Retail-owned Brand Grocery Sales Jump 11.3%
Packaged goods private brand sales saw record growth last year, jumping 11.3% to a whopping $228.6 billion in the U.S. for the 52 weeks ending January 1, 2023, versus the prior year. Retailer-owned Brands grew at nearly twice the rate of national brands, which were up 6.1% in dollar sales, according to IRI Unify sales data. The findings were published in the Private Label Manufacturers Association’s 2023 Private Label Report. The dollar share increased to 18.9%, up from 18.2% in 2021. Unit share grew to 20.5%, from 19.9%. Private brands also outperformed national brands when it came to unit sales
Kroger Announces Food Trend Predictions for 2023
Kroger today announced its 2023 Food Trends Report, which predicts emerging food trends, consumer behaviors, and popular items for the year ahead. The fifth-annual report centers on America's continued eat-at-home habits as pandemic concerns subside with consumers now seeking to make up for lost time and celebrate everything from life's special moments to everyday milestones by entertaining and cooking at home together with their family and friends. The Kroger team has also included plenty of Retail-owned Brand (private brand) product suggestions to bring the trends to life. "This is the year of celebration as we relish in being together
Walgreens Top 10 Health & Wellness 2023 Trends
Trends come and go, but when they stick, Walgreens takes notice. By studying internal data, as well as data from market research companies like Mintel, the Walgreens Retail-owned Brand (private brand) commercialization managers was able to forecast what consumers will be clamoring for this year. “We’ve tapped into our customers’ needs and desires and are specifically working on bringing more innovation to our Walgreens-owned brands portfolio so we can provide health and wellness products at great value,” says Luke Rauch, Walgreens chief merchandising officer and senior vice president. “Walgreens has a finger on the pulse of what’s happening in health
30% of Promotions Highlight Private Brand
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
