Harnessing millennial love for private brands
Traditionally, private brand sales have had a direct correlation with the economic performance of the United States. During financial recession periods, store brands sales grow. Then, once the country enters a recovery stage, store brands sales decline, typically by 2 percent to 4 percent.
But one major factor is turning that tradition upside down: millennials.
According to Erik D. Rosenstrauch, writing for Store Brands sister publication Progressive Grocer, a major factor of private label growth is the entry of a new shopping force. Millennials don’t care whether there’s an economic boom or an economic recession; they love private brands regardless. Millennials have more than $200 billion in direct spending power and upwards of another $400 billion via indirect influence, according to the U.S. Chamber of Commerce.
Read the full article here to see how private brand retailers can leverage this demographic.