IRI posts new strategies for national, private-label brand growth
National brands showing momentum in drug stores; private label standing out in mass/supercenter channel
During the recession, private-label products enjoyed increasing popularity as consumers looked for new ways to save on everyday purchases during the economic downturn. In fact, U.S. consumers spent $120 billion on private-label products during the past year, marking a year-over-year increase of 2.1 percent, according to Chicago-based Information Resources Inc. (IRI). However, this growth now seems to be leveling off, and this small uptick was largely driven by price increases, it reports. The market research firm is offering some tips to consumer packaged goods (CPG) marketers for national and private-label brands alike about how they can drive growth by making the shopper journey more simple, convenient and affordable through its latest Times & Trends report, “Private Label and National Brands: Dialing In on Core Shoppers.”
“Shoppers have endless choices today, which makes purchasing decisions much more complex,” said Susan Viamari, editor of Thought Leadership at IRI, in a statement. “Having both national and private-label brands on retail shelves is critical to creating a solid value proposition, so the challenge for marketers now is to figure out how to tailor their assortments with highly targeted products and marketing programs that keep value and affordability in the crosshairs. Cracking the code will allow marketers to increase sales and strengthen customer loyalty in 2015 and beyond.”