The digital universe continues to buzz with talk of the Private Brand Movement Conference, the following is the event recap from the Euromonitor Global Market Research Blog. It’s an interesting perspective that presents themes from the conference.
Event Recap: The Private Brand Movement
By Ali Lipson.
The Private Brand Movement held in Chicago September 28-29th, provided knowledge and information on private brands, and more specifically the shift of private labels into private brands. Additionally, a focus of many sessions included fundamental strategies for retailers o improve or introduce private brands and ways to manage these brands. Major recurring themes that emerged throughout the event included: consumers’ acceptance of private brands, own brands become more than just national brand equivalents, and private brands are here to stay.
Shift from Private Label to Private Brand
Though the recession helped growth among many private labels, private label growth began before the US recession. As consumers began to purchase private label products, they started to accept them and even became pleasantly surprised with many products. Initially, private label products were retailers’ efforts to offer products that were equivalent to national brands, at a significantly lower price. This started as a short term solution to boost profit. However, as consumers increasingly purchase private label products, retailers have begun to take notice and are stepping up efforts to evolve their private label offerings. Within the past year, several retailers have relaunched their private label products to become true brands. These include Target, Safeway, Duane Reade, Bloom, Walmart and Kmart.