A recent article in Store Brand Decisions details a recent study and Times & Trends report from SymphonyIRI. Quoted in the article, Sean Seitzinger, senior vice president for SymphonyIRI, notes:
“Store brands growth galloped during the recession as shoppers revised their definition of value to be much more focused on price. Today, growth continues at albeit a slower pace as the economy recovers, but store brands are here to stay and are gaining in importance. As retailers accelerate investment in aggressive assortment, product and promotion strategies, we expect store brands to play a critical role in offering value and differentiation.”
The article also noted multiple findings from the report, among them:
- The healthcare department witnessed the most significant store brand growth in both dollar and unit share of 2.6 points and 1.7 points, respectively.
- Dollar and unit share each grew 0.2 share points, to 18.3 percent and 23.1 percent, respectively, in 2010 over 2009; contrasting with growth of 1 point and 1.3 points in 2009 over 2008.
- Dollar and convenience stores enjoyed the most rapid unit share growth of 1.1 points and 0.9 points, respectively.
Read the full article at Store Brand Decisions online.