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Please find how inflation boosts private label market share growth as consumers choose for budget-friendly options, reshaping the retail landscape.
The evolving landscape of consumer preferences, rapid digitalization, and a heightened focus on affordability are defining trends highlighted by industry leaders in the current era. Moving forward, retailers must concentrate on various operational facets, including sourcing, product design, quality assurance, brand management, marketing, and consumer insights. It's crucial to address any capability gaps to ensure consumer loyalty remains with private label brands, mainly as they engage with new audiences.
In 2022, private-label brands gained prominence and increased market reach due to their availability and affordability, amidst prolonged economic uncertainty. Our analysis discovered that eight out of the top ten brands with the most SKUs across all grocery retailer websites were private-label goods. This highlights consumers' preference for private-label brands and a significant shift in their preferences.