Information contained in a new report proves “if you don’t have a solid private brand strategy, you’re dead in the water.” That’s according to Daymon Worldwide, which produced “The Private Brand Intelligence Report” to learn how private brands stack up to national brands, based on proprietary survey data.
“Private brands have entered a renaissance period that has allowed them to become more differentiated than ever before,” says Jim Holbrook, CEO of Daymon. “We are seeing that retailers with distinctive, one-of-a-kind private brands will survive and thrive, while those with national brand equivalents will struggle as competitive pressures mount.”
Among the highlights of the report:
· Eighty-one percent of U.S. consumers are now buying private-brand products on every or almost every shopping trip.
· Seventy-four percent say that private brand is now a better value for the money.
· Eighty-five percent indicate they trust private-brand products at least as much as national brands.
· Over half (53%) say they shop at a store specifically for its private brand.
· Sixty-percent would like to see private brands have more presence in the fresh food and beverage category.