Feb 22, 2023
2022 Store Brands Sales Soar
Private brand sales jumped a record 11.3 per cent to a whopping $228.6 billion in all outlets in the U.S. for the 52 weeks ending January 1, versus the prior year, says the Private Label Manufacturers Association (PLMA) in its ‘2023 Private Label Report.’ Store brands performed so well that they grew at nearly twice the rate of national brands, which were up 6.1 per cent in dollar sales. Dollar share increased to 18.9 per cent, up from 18.2 per cent in 2021. Unit share grew to 20.5 per cent, from 19.9 per cent. A major reason for the double-digit surge was that the inflationary environment motivated more shoppers to try, buy, like, and remain loyal to store brands because of the quality and value they provide, says the report. The outlook for 2023 looks just as promising, as shoppers continue to make these their brands of choice.
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