According to the study from Daymon Worldwide, 36% of consumers are likely to make a special trip to buy their primary retailer’s private brands. As a result, these consumers indicate that they are more satisfied and loyal to the store, are more likely to make future shopping trips, would recommend the store to their friends/family, feel positive about the value they get for their money, and prefer the store overall.
“Our study reinforces a growing industry reality that private brands are gaining power as a must-have for success,” said Virginia Morris, Daymon Worldwide’s Vice President, Global Consumer and Innovation Strategy. “Considering the growing acceptance of private brands across the globe, and increasing consumer apathy toward national brands, the time is now for retailers with existing private brands to leverage them to differentiate, drive affinity, keep shoppers coming back for more and attract new shoppers. Retailers without a private brand program need to invest in one now. For retailers that get it right, it means more than just surviving – it means thriving.”
In Q4 2015, Daymon Worldwide conducted a customized online study among 1,000 respondents, ages 18 and older, to determine the drivers for the increased penetration of private brands. The respondents, 43% male and 57% female, were nationally representative across US regions.