This article was written with the assistance of GPT-3.
The trend: Private label products sales grew 11.3% in 2022, resulting in a record $228.6 billion in revenues across all US retailing channels, and a 0.7 point increase in private label’s dollar share to 18.9%, per a Supermarket News report based on the Private Label Manufacturers Association’s annual report.
The context: The surge was a result of rising grocery prices, which have been elevated for more than a year. Grocery prices were up 11.3% year-over-year in January, per the US Labor Department.
Analyst take: Store brands traditionally proliferate when inflation or a recession leads consumers to spend more conservatively.
Go further: Read our Private Label Brands report.
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