Quoted for hundreds of years, “A penny saved is a penny earned” is a popular idiom attributed to Founding Father Benjamin Franklin. When it comes to currency, Franklin’s face graces the $100 bill, while Abraham Lincoln, the 16th president, has been on the penny since 1909. Cash-strapped consumers looking to save a little dough often turn to private label offerings, which saw pandemic-driven increases in consumer perception and sales across many consumer packaged goods (CPG) categories.
In its “Private Label Food and Drink – US, 2021” report, Chicago-based Mintel notes that the private label food and drink industry saw a surge in sales during the COVID-19 pandemic, alongside overall elevated sales in the food and drink retail market.