Q&A: The Sustainable Opportunity In Private Brands
Sustainability continues to grow in its importance among consumers. Recent NIQ (formerly NielsenIQ) data shows that 69% of consumers say that sustainability has become more important to them over the past two years.
Couple the importance of sustainability with the growth of private label products amid historic inflation, and retailers are faced with a golden opportunity to "go green" with their own brand offerings.
Daymon's Director of Thought Leadership Chelsey Capps spoke with Store Brands and detailed the ins-and-outs of making private brands sustainable.
STORE BRANDS: Recent reports show that consumers are more aware of sustainability than ever before. What product attributes do consumers seek out the most when it comes to Earth-friendly products?
Chelsey Capps: Sustainability has grown in importance to shoppers with environmental concerns impacting purchase considerations as consumers are increasingly aware of how their individual decisions affect the world around them. We are seeing a shift in how sustainability claims are impacting consumer decision trees and influencing intent to purchase.
Sustainable considerations differ in importance varying from consumer to retailer to brand, and even down to the individual item. Some sustainability attributes will resonate higher than others depending on the category, brand, product intricacies, consumer shopping preferences, and lifestyle needs. Knowing the right claims to execute against can be challenging, but given that proprietary Daymon research shows nearly 60% of private brand shoppers are interested in eco-friendly packaging, the low-hanging fruit is assessing the variety of packaging inputs, materials and configurations.