2024 年全球 CPG 来自品牌报(中文)

CPG Private Brands Update: March 1, 2024

Executive Summary

The anticipated gains of private brands (store brands or private label) amid high inflation have been realized. Retailers can capitalize on this trend to increase demand for their own brand and private brand offerings.

Current Demand for Private Brands

• Total Dollar Sales: Increased by 6% in 2023, with unit sales increasing by 0.9%.
• Market Share: Private brands gained market share from name brands, increasing from 24.7% of total unit sales in 2022 to 25.5% in 2023.
• Performance Across Categories: Private brands outperformed name brands in general food, shelf-stable beverages, and refrigerated foods, as well as beauty and home departments.
• Key Cohorts:
  • Households with children and Millennials/Gen X without children each represent over a third of private brand F&B unit purchases.
  • Middle-income households are the most engaged with private brands, though other income groups are growing.

Key Data Points

• Overall Sales: Total store private brand sales increased in both dollars and units compared to the previous year.
• Unit Growth Lag: Unit growth lagged behind dollar growth, a similar pattern observed in name brand products.
• Food & Beverage (F&B):
  • Private brands gained 1.2 percentage points in unit share and 1.0 percentage point in dollar share.
  • Specific categories like breakfast meats, meat RFG, poultry, seafood, shortening/oil, butter/butter blends, cookies, salty snacks, snack nuts/seeds, pastry/donuts, fresh bread & rolls, baking needs, coffee, bottled water, dairy milk, natural cheese, and eggs saw significant private brand growth.
• Salty Snack Aisle: Over 50% of core pantry spend was on private brands, with key categories such as breakfast meats, meat RFG, poultry, seafood, shortening/oil, butter, cookies, salty snacks, snack nuts/seeds, pastry/donuts, fresh bread & rolls, baking needs, coffee, bottled water, dairy milk, natural cheese, and eggs contributing significantly.

Retailer Opportunities

• Cooking Trends: Leverage private brands with small appliances like air fryers and instant pots for easy-to-prepare meals.
• Digital Marketing: Target younger shoppers who start their shopping journey online through digital marketing.
• Product Trust: Promote new offerings that align with the store's mission to build trust.
• Engagement: Race to expand shopper trial to deepen engagement with private brands.

Consumer Sentiment

• Inflation Easing: Consumer sentiment improved with a score of 76.9 in February 2024, up 10 points from the previous year.
• Good News: Easing inflation, solid economic growth, and healthy spending remain.
• Bad News: Higher grocery prices, high interest rates, savings depletion, student loan repayment, and high housing costs remain challenges.
• Grocery Costs: Consumers pay about 30% more for groceries compared to 2019.

Market Size

• Private Brands Market: The U.S. private brand market totals $217 billion annually.

Nonedible Sales

• Trend: Nonedible private brand sales are increasing, but at a slower pace than food and beverage.
• Categories: Beauty, general merchandise, health, and home departments showed mixed performance, with unit sales down but unit share increasing.

Consumer Behavior

• Deals and Discounts: Over 50% of shoppers look for deals more often, indicating a shift towards value-driven purchasing.

Conclusion

Private brands continue to be a retail powerhouse, demonstrating strong consumer demand and providing significant opportunities for retailers to engage customers and grow their business.