FMI–The Food Industry Association is out with the second installment of the 2023 Power of Private Brands series, with the following key findings:
• "Ninety-six percent of grocery shoppers tell FMI that they purchase store brands at least occasionally, with 46% purchasing private brands most or all of the time, and about 60% of shoppers say they are buying private brands much more or somewhat more in the past year, compared to just 26% for national brands."
• "Overall, 90% of shoppers say they are likely to continue purchasing private brands even if inflation or the price of groceries decrease, indicating the growing loyalty shoppers have for store brands."
• "Price (68%) and good value (67%) continue to be the top reasons cited by shoppers for buying more private brand items. However, 65% of shoppers mentioned a reason other than price and value that motivate their private brand purchases. Of those, shoppers cited quality (30%), taste (26%), and meeting meal solutions needs (16%) as some of the factors driving their store brand purchasing decisions."
• "When asked which kind of brand is better, 59% of shoppers said that private and name brands were the same at providing detailed product information; 57% said that they felt private brands were just as healthy as their manufacturer-brand equivalent; and 63% said that the private brand was just as good for the planet as the national brand.
• "Crucially, more than half (52%) said that the private brands were products they trusted as much as the manufacturer brand product."