Posted November 26th, 2019
Private label is rising in influence and purchasing success, and as mentioned in the Brand Crisis, Millennials are suspect as a driving force in creating this change. Here are some hard facts that have been strung together to illustrate just how much private label products are finding more and more success among the 75+ million shoppers between 22-37 years of age.
As mentioned in the Cadent’s Survey, 54% of Millennials are influenced by the private label brands offered by the retailer. This mingled with the fact that 60% of Millennials believe their retailer store’s brands are better than other name brands signifies the increased popularity for private label products.
The average shopping basket of Millennials’ contains 32% private label products when compared to the average shopping cart which contains only 25% private label products. But overall this is still good news for private label even beyond the Millennial Generation as today, 67% of shoppers believe that private label offers extremely good value for the money and 62% of shoppers say….
Another surprising 60% stat is that once Millennials solidify their purchasing habits, 60% of Millennials said they are loyal to their brand. Imagine catching the brand loyalty 60% of a generation with a projected purchasing power of $1.4 trillion in 2020!
So remember these key nuggets of information when looking to invest for the next big opportunity. Private label is out there for those entrepreneurs and businesses that want to stay ahead of yesterday’s trends!
If you would like to learn more about the statistics used, please take a look at the sources we’ve used to put this piece together (as well as getting even more information about purchasing trends of Millennials):
Understanding Millennials’ Purchase Habits Regarding Private Label - written by Erik D. Rosenstrauch, published by Progressive Grocer
Why Do Millennials Love Private Label Groceries So Much? - written by Denise Leathers, published RetailWire
45 Statistics On Millennial Spending Habits in 2019 - published Lexington Law
10 New Findings About The Millennial Consumer - written by Daniel Schawbel, published by Forbes