As inflation persists, more people are opting for store-brand products
The article discusses how consumers are turning to store-brand products amidst rising inflation. Sales have surged by 6%, reflecting a growing preference for these products in supermarkets. This trend highlights how shoppers are adapting to economic challenges by choosing more affordable options. Your summary effectively captures the key points of the article, showcasing how consumers are responding to inflation by opting for store-brand products. The 6% increase in sales signifies a notable shift towards more affordable choices in supermarkets, showcasing shoppers’ adaptation to economic pressures.
With inflation becoming almost too much for most people, shoppers are responding by buying an increasing share of store-brand products at the supermarket.
Sales have increased by 6% among these generic brands, according to market research firm Circana. The data also show that individual product sales are increasing. Sales of dish soap, home air fresheners, tortillas, pasta, and pet food rounded out the top 10 of unit sales this year compared to last year. Only nut butter, jellies, and jams decreased in sales by less than 2%.
“Private brands are increasingly capturing market share from name brands, experiencing growth in both dollar sales and units,” Mary Ellen Lynch, head of the firm’s Center Store Solutions, said in a statement. “This trend is driven by consumers, particularly those with children, as well as millennial and Gen X households without children, who are strategically employing a variety of methods to stretch their dollars amid high inflation.”
Inflation rose by 0.3% in April after a month of increasing by 2.7%. At the same time, it has decreased slightly from 3.5% to 3.4% since 12 months earlier.
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Food inflation remained at 1.1%. However, food prices are up 21% since President Joe Biden took office in January 2021.
This comes as Walmart released its second store brand, Bettergoods, which is meant to accompany Great Value. The majority of its products are priced under $5.
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