As inflation anxiety continues to rise amongst consumers, many turn to private label products as a way to save.
Monthly store brand sales continue to rise — while national brands plateau.
• In 2022, store brands’ annual dollar volume increased by $23.2bn, setting a new record of $228.6bn for sales in all U.S. retailing channels.
• National brands gained 6.1% ($56.6bn) in dollar sales, to $981bln, bringing overall grocery industry revenue to $1.21tn, up 7% or $79.8bn) over the previous year when the total was $1.13tn, an all time record at that time.
• As a result, store brands accounted for 29% of all new dollar sales that flowed into the U.S. retailing industry last year — PLMA reports that by the end of 2022, annual store brand dollar sales totals had increased by nearly 40% over a five year period.