Arlington, VA – FMI—the Food Industry Association releases its 2022 Power of Private Brands report, revealing that 40% of consumers have bought more private brands since before the pandemic, and three-quarters of these shoppers plan to continue this trend. While 63% of private brands shoppers consider private brands to be a good value and 55% buy private brands because they are less expensive, additional factors are driving consumer affinity for these products, including quality, taste, sustainability and contributions to health and well-being.
“While we know price and out-of-stocks have led consumers to try more private brands, we’re seeing these factors aren’t the only reasons shoppers continue to purchase private brand products,” says FMI’s Vice President of Industry Relations Doug Baker. “Less than two percent of shoppers say the only reason they purchase private brands is because other products were out-of-stock. When asked about 14 product attributes, shoppers identified an average of four reasons for choosing private brand products. Clearly shoppers’ interest in private brand products extends beyond just price.”
Taste and Quality Reign Supreme
Nearly half (42%) of shoppers who are buying more private brands say they like the taste of private brand products, and shoppers rank the importance of taste of private brands and name brands equally, both at 78%. In addition, most shoppers (66%) say quality is important to them when choosing private brand items, and more than 43% of shoppers are buying store brands because of their quality.
To read the rest of the story, please go to: FMI