As inflation continues, many shoppers who traditionally purchase name brand products are giving private label brands a look.
Citing the NielsenIQ Global SMB Report, which can be found here, Andrew Criezis, Senior Vice President and General Manager of NielsenIQ SMB, spoke with Store Brands about the current state of private label among name brand shoppers.
What are the best lessons that retailers can take away from the SMB report?
It’s interesting, because if you’re a powerful mass retailer or a larger supermarket with a strong private brand portfolio, you may not think a report on small- and medium-sized businesses could tell you much, but there is a lot that can be learned, particularly in how consumers perceive large and small brands.
Retailers can take away from the 2022 Brand Balancing Act report a deeper understanding of consumer motivations for small brands vs. large brands, what they expect these brands to stand for, where they fall short, and retailers can then build store brand strategies to better compete against both large and small brands.