Advantage Solutions releases 2023 Private Brand Intelligence Report
Daymon report reveals consumers shifting to private brands, spurring new product and retail innovation
IRVINE, Calif., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV), a leading provider of sales and marketing services to consumer goods manufacturers and retailers, today announced the release of its 2023 Private Brand Intelligence Report, a compilation of proprietary research, market data and subject matter expertise.
The report, conducted by Daymon, the global experts in private brand development, indicates that 92% of consumers trust private brands as much as or more than national brands and 83% of consumers view private brands as a better value for their money than national brands.
“Increasing levels of trust, quality and value are prompting consumers to flock to private brands in record fashion,” said Jim Griffin, president of Daymon North America, a division of Advantage Solutions. “It’s a huge opportunity for suppliers and retailers to invest in innovation and leverage the shifting consumer perceptions of and desire for private brands.”
The rising consumer affinity for private brands is prompting the development of three innovation pillars that are shaping product and retail innovation across both food and non-food categories.
- Innovation Pillar 1: Purchasing with Purpose: Consumers are leading the charge making intentional purchasing decisions, seeking items with positive health, environmental, social, and community impact. According to the report, 83% of consumers are interested in a healthier lifestyle, leading 70% of consumers to exert more effort into selecting nutrient-dense and healthier foods than they did a year ago. Additionally, nearly one-third of shoppers say they are looking for retailers to help guide them to make healthier decisions and are interested in retailers providing more free samples to help them try new items. Beyond plant-forward options, consumer interest in total sustainability also is driving purposeful purchasing, with 83% of consumers interested in seeing more non-food, sustainable offerings.
- Pillar 2: Fit for Functionality: Consumers are expecting brands and products to do more for them than ever before—with multi-functional products and services that aim to simplify their diverse needs and provide better product solutions for health concerns. Ninety-four (94) percent of consumers view private brands as just as good or better than national brands in offering products that fit their lifestyles. On top of that, 1 in 4 shoppers, excluding Boomers, are interested in dietary-specific private brands such as gluten-free, keto, and plant-based; and 61% of shoppers are looking for private brands to provide more affordable, convenient to use or consume products, while 35% of consumers are asking for products with functional ingredients.
- Pillar 3: Uniquely for Me: Now more than ever, shoppers are looking for brands to deliver immersive and share-worthy product experiences that innovate around uniqueness and personalization, dynamic pairings, and sensory levers that elevate flavor, scent, novelty, and aesthetic to drive simple joys and engagements. According to the report, 78% of consumers stated that they seek out new food and beverage flavors and trends, with 30% of shoppers expressing that a bold and unique flavor makes them more likely to try a new product. More than three out of four shoppers have a positive perception of private brands that launch new flavors and limited-time offerings, with these respondents saying new flavors are exciting, contribute to their enjoyment of the in-store experience, and even keep them coming back.
To learn more about the 2023 Private Brand Intelligence Report, download the report at Daymon.com.
About Advantage Solutions
Advantage Solutions (NASDAQ: ADV) is a leading provider of outsourced sales and marketing solutions that is uniquely positioned at the intersection of brands and retailers. Our data- and technology-driven services — which include headquarter sales, retail merchandising, in-store and online sampling, digital commerce, omnichannel marketing, retail media and others — help brands and retailers of all sizes get products into the hands of consumers, wherever they shop. As a trusted partner and problem solver, we help our clients sell more while spending less. Headquartered in Irvine, Calif., Advantage has offices throughout North America and strategic investments in select markets throughout Africa, Asia, Australia and Europe through which the company serves the global needs of multinational, regional and local manufacturers. For more information, please visit advantagesolutions.net.