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Store Brands Set New Market Share Records In First Half Of 2024

Store Brands Set New Market Share Records In First Half Of 2024

Private labels reported new records in unit and dollar share in the first half of 2024 compared to the same period last year.

As of 16 June, the unit market share of private labels reached 22.9%, and the dollar market share stood at 20.4%, according to data provided by Circana to PLMA.

“These record highs in market shares illustrate the ‘Store Brands Phenomenon’ that’s sweeping the retail industry across all channels, departments and categories,” said PLMA president, Peggy Davies.

The total store brand revenue for 2024 is expected to exceed a quarter of a trillion dollars – setting a new record for annual sales – if sales continue at the current rate for the rest of the year, according to PLMA’s estimates.

Growth Drivers

The increase in market shares was driven by the ‘strong’ performance of store brands at checkout compared to national brands.

Store brand dollar sales were up 2.3%, compared to a gain of 1.1% for national brands.

In terms of unit sales, the difference was even greater with store brands growing by 2.5% and national brands declining by 0.8%.

Total store brand sales for the first half amounted to $121 billion, while national brand sales generated $472 billion, data showed.

Category Performance

Circana tracks 10 individual product categories for PLMA to evaluate the performance of store brands.

In nine categories out of 10, store brands posted dollar sales gains for the 52 weeks to 16 June 2024, the latest data showed.

The highest growth was seen in the beauty category (+10%), followed by liquor (+8.8%), general food (+6.9%), and pet care (+5.8%).

Other categories that witnessed an increase include beverages (+4.3%), frozen (+2.9%), general merchandise (+2.2%), and home (+1.7%).

The only category that witnessed a nominal decline of 0.7% was refrigerated products, data showed.

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