Consumer rituals have changed drastically over the past couple years, largely in response to adverse economic conditions.
The economic unrest is beginning to show signs of easing, but consumers remain steadfastly in savings mode. At the crux of many savings strategies is private label packaged goods products. For years U.S. retailers have been honing their private label arsenal in the name of differentiation. The timing of these efforts has been meticulous. Private label has been elevated to a whole new level.
Retailers continue to invest heavily in their brands. Innovation is increasing and promotional support is growing.
Economic recovery will likely be a long and arduous process. And, indications are that recession-induced ritual changes will remain long after the recession has officially ended.
For retail brands, it is time to shine. And for national brands, it is time to step-up competitive efforts. Both are happening already. Competition for share of CPG spending is intense.
This report explores current and emerging private label trends as well as influencing factors that are reshaping the CPG industry. Manufacturers and retailers with a clear understanding of these forces will be able to develop and execute competitive strategies for their brands which meet corporate goals while simultaneously delivering against consumer needs.
|