Apr 11, 2023
Store Brands Continue Growth
During the first three months of this year, store brands picked up right where they left off in 2022, with double-digit sales increases and greater market share in both dollars and units, says PLMA by Circana. “The first quarter results are particularly impressive since they are compared to 2022 sales figures, which were historically high for U.S. store brands,” says Peggy Davies, the PLMA’s president. The report says store brand market shares jumped higher. Dollar share rose to 19.1 per cent and unit share advanced to 20.8 per cent versus last year when the numbers were 18.5 per cent and 20.3 per cent respectively. Store brands fared significantly better than national brands in unit sales, as well. As was the case last year, all brands shed units. But like in 2022, store brand units decreased far less than those of national brands. During the quarter, they were off one per cent versus -3.9 per cent for national brands. The disparity in unit sales can be attributed to consumers switching to store brands from national brands. It was even more pronounced in March, when store brands were down only 0.7 per cent compared to national brands, which were off five times that figure at 3.5 per cent.
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