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1、Circana,LLC|For public use1CPG Private Brands UpdateMarch 1,2024Circana InspireCircana,LLC|For public use2 2Executive SummaryThe anticipated gains of private brands(also referred to as store brands or private label)amid high inflation have been realized.This report provides an update on the U.S.$217

2、+billion store brand landscape and identifies retailer opportunities to increase demand for their own brand and private brand offerings.Current Demand for Private BrandsPrivate Brand Opportunities Even in the salty snack aisle,where name brands dominate,consumers are recognizing the value of private

3、 brands.A commitment to increasing household penetration one category at a time,can payoff for retailers in the long run.Retailers can lean in further on the ways consumers are cooking today.Demonstrate how private brands work with small appliances,like air fryers and instant pots,for easy-to-prepar

4、e meals.Promotion is key.Given that younger shoppers are more likely to start their shopping journey online,leverage digital marketing to lock in these valuable cohorts.Leverage trust in products to promote new offerings that reflect the mission of the store banner.Race is on for store brands to exp

5、and shopper trial to build trust with store brands and deepen engagement.Total dollar sales of private brands increased 6%in 2023,and units increased 0.9%.Private label gained share from name brands,increasing from 24.7%of total unit sales in 2022 to 25.5%in 2023.Sales were higher for PL F&B,6.7%com

6、pared to nonedible 5.1%Still,private brands gained share from name brands,increasing to 24.7%of total unit sales,up from 25.5%in 2022.Private brands grew unit and unit share across general food,shelf stable beverages and refrigerated foods,as well as beauty and home departments.Within F&B,private br

7、ands outperformed name brands based on core pantry dollar and units.Households with children and Millennial and Gen X households with no children,each represent more than a third of private brand F&B unit purchases.Within those same cohorts,middle affluent shoppers are the most engaged with private

8、brands yet other affluencies are growing.Retailers are treating their brands like“brands”,innovating with more clean labels,premium offerings,and marketing supporting.Circana,LLC|For public use3 3Circana,LLC|For public useThe cumulative effect of higher prices frustrates consumersSource:Circana POS

9、MULO+and C-store data ending December 31,2023.Note:Price per volume changes calculated at a category level(for categories that has equivalized volumes)and then dollar weighted to get total F&B and aisles1.9%1.7%1.6%1.7%1.2%4.2%3.9%3.9%4.4%3.7%5.3%7.9%9.5%10.8%12.4%11.6%10.0%7.3%3.9%2.3%100.0100.1103

10、.7112.1119.3127.8128.3118.10.0%5.0%10.0%15.0%20.0%25.0%80.090.0100.0110.0120.0130.0140.0Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 21Q2 21Q3 21Q4 21Q1 22Q2 22Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23 Avg Price%Chg YAPrice Index vs 2019Wage Index vs 2019Food&beverage price realization YoY and indexed to Q1 2019

11、,MULO+with C-storeCircana,LLC|Proprietary and confidential4 4Circana,LLC|Proprietary and confidentialMacro economics are no match for consumer sentiment 76.9 in February 2024,up 10 pts from YASource:University of Michigan Consumer Sentiment Index The GOOD NewsEasing inflationSolid economic growth Sp

12、ending remains healthyEasing gas pricesSocial security 3.2%increase Low rates of unemployment The BAD NewsConsumers are paying 30%more for groceries compared to 2019High interest ratesSavings depletionStudent loan repaymentHigh housing costsCredit card debt$1 trillion+4Circana,LLC|For public useCirc

13、ana,LLC|Proprietary and confidential5Private Brands are a retail powerhouse$217,000,000,000Private brands Annual Sales,U.S.Total Store5Circana,LLC|For public useCircana,LLC|For public use6 6Circana,LLC|For public useTotal store private brand sales are up in both dollars and units vs.YAG Private bran

14、ds are seeing unit growth lag dollar growth,a similar pattern to name brand products.Source:Circana MULO+,Total U.S.,YE December 31,2023$157.2$179.2$180.5$204.0$216.820022202352.757.153.853.153.5200222023PANDEMIC STOCK UP+6.3%+0.9%Units(Billions)Dollars(Billions)Circana,LLC|For

15、 public use7 7Private brands continue to grow unit share even in a challenging growth environmentSource:Circana MULO+,Total U.S.,YE December 31,202375.3%74.5%24.7%25.5%20222023Unit Share Name brandsPrivate brandsCircana,LLC|For public use8 8Circana,LLC|For public useAcross the store,private brand fo

16、od and beverage sales continue to growShifting to private brands is among the strategies consumers employ during uncertain times.Source:Circana MULO+,Total U.S.,YE December 31,2023$106.7$123.0$123.0$142.4$152.0200222023All Outlet Sales($Billions)+6.7%8Circana,LLC|For public useCircana,LLC

17、|For public use9 9Circana,LLC|For public useIncreasing F&B private brand unit and unit share demonstrates strong consumer demand Source:Circana MULO+,Total U.S.,YE December 31,202325.3%25.1%24.4%25.0%26.0%20022202341.645.442.742.643.2200222023+1.2%+1.0 ptF&B PL Unit SharePL F&B

18、 Units(Billions)Circana,LLC|For public use1010Circana,LLC|For public usePrivate brands continue to gain traction across food and beverage departmentsSource:Circana MULO+,Total U.S.,YE December 31,2023General FoodShelf Stable BeveragesRefrigeratedFrozen+1.2%PL Units+0.9ptPL Unit Share+1.2%PL Units+0.

19、7ptPL Unit Share+1.8%PL Units+1.1ptPL Unit Share-0.5%PL Units+.9ptPL Unit ShareCircana,LLC|For public use1111Circana,LLC|For public useMore than a third of the core pantry spend is on private brandsThis accounts accounting for 40%of core pantry unitsSource:Circana MULO+,Total U.S.,YE December 31,202

20、3Core Pantry GrowthCore private brand pantry accounts for 52%dollar share and 45%unit share of total private brand food&beverage sales.Breakfast MeatsMeat RFGPoultry FRZ/RFGSeafood FRZShortening/OilButter/Butter BlendsCookiesSalty SnacksSnack Nuts/SeedsPastry/DoughnutsFresh Bread&RollsBaking NeedsCo

21、ffeeBottled WaterDairy MilkNatural CheeseEggsDOLLARSUNITSPRIVATE BRANDS+3.9%+1.7%NAME BRANDS+3.2%-3.1%Circana,LLC|For public use1212Circana,LLC|For public useConsumers are increasingly leaning into private brand value for everyday core pantry itemsSource:Circana MULO+,Total U.S.,YE December 31,2023C

22、ore Pantry:top Private Brand Categories-Breakfast Meats,Meat RFG,Poultry FRZ/RFG,Seafood FRZ,Shortening/Oil,Butter/Butter Blends,Cookies,Salty Snacks,Snack Nuts/Sees,Pastry/Donuts,Fresh Bread&Rolls,Baking Needs,Coffee,Bottled,Water,Dairy Milk,Natural Cheese,Eggs59.9%60.6%61.4%60.7%59.5%40.1%39.4%38.

23、6%39.3%40.5%200222023Core Pantry Categories*Unit ShareName BrandsPrivate Brands63.8%64.3%64.8%63.5%63.4%36.2%35.7%35.2%36.5%36.6%200222023Core Pantry Categories*Dollar ShareName BrandsPrivate BrandsCircana,LLC|For public use1313A growing number of consumers are finding value in

24、 private brands across the salty snack aisleSource:Circana MULO+,Total U.S.,YE December 31,2023-1.2-0.6-1.12.22.22.0Name brandsPrivate brandsHH Penetration Point Change 2023 vs.YATortilla/Tostada ChipsPretzelsPotato ChipsCircana,LLC|Proprietary and confidential1414Circana,LLC|Proprietary and confide

25、ntialDairy consumers embrace PLPrivate brands outpace name brands in 11 out of 14 dairy categoriesSource:Circana MULO+,Total U.S.,YE December 31,2023Cottage cheese is a TikTok win for allUNIT GROWTH+5.7%Private Brand+11.7%Name Brand14Circana,LLC|For public useCircana,LLC|For public use1515Circana,LL

26、C|For public usePrivate brands are leaning into the way consumers cook todaySource:Circana MULO+,Total U.S.,YE December 31,2023 PRIVATE BRANDNAME BRANDFRZ Potatoes/Onions unit growth+3.5%-2.1%FRZ App&Snack Rolls unit growth+0.2%-6.5%Circana,LLC|For public use1616Private brand nonedible sales are als

27、o increasing across the storeYet private brand nonedible sales are increasing at a slower pace than food and beverageSource:Circana MULO+,Total U.S.,YE December 31,2023$50.5$56.2$57.5$61.6$64.8200222023All Outlet Sales($Billions)+5.1%Nonedible purchases are more subject to household budge

28、ts than non-discretionary food and beverage items.Circana,LLC|For public use1717Circana,LLC|For public useAcross the store,nonedible private brand sales are mixed,with units down,but unit share increasingBoth name brands and private brands are impacted by unit constriction.Source:Circana MULO+,Total

29、 U.S.,YE December 31,2023Unit ShareUnits(Billions)11.011.711.110.410.420022202324.2%24.1%23.5%23.4%23.9%200222023PANDEMIC STOCK UP-0.7%+0.5 ptCircana,LLC|For public use1818Circana,LLC|For public usePrivate brands continue to gain traction across nonedible departmentsUnit sales

30、are down in gen merch and health departments.Source:Circana MULO+,Total U.S.,YE December 31,2023BeautyGeneral MerchHealthHome+2.1%PL Units+0.3ptPL Unit Share-1.8%PL Units+0.6ptPL Unit Share-3.3%PL Units+0.0ptPL Unit Share+3.2%PL Units+1.0ptPL Unit ShareCircana,LLC|For public use19Circana,LLC|For pub

31、lic use19More than half of shoppers look for deals more oftenShoppers are increasingly more likely to look for sales or deals:Source:Circana Omnibus Survey45%December 202155%October 202255%October 2023Circana,LLC|For public use2020Cohorts important for driving private brands consumer demandSource:Ci

32、rcana Omni Scan Panel,Total U.S.,year ending December 31,202335%of private brand F&B unit purchases come from households with children 36%of private brand F&B unit purchases come from millennial and Gen X households with no childrenCircana,LLC|For public use2121Circana,LLC|For public useMid-affluent

33、 HHs with kids index highest on purchases of private brand food and beverage Yet other affluent levels also drive growthAffluency=household income per capitaSource:Circana Omni Scan Panel,Total U.S.,year ending December 31,2023HH with Kids Ages 0-11HH with Kids Ages 12+UnitsUnit IndexUnitsUnit Index

34、LOWER+14.0%105+5.3%115MIDDLE-1.4%123+0.7%130UPPER+4.0%108-0.9%117Circana,LLC|For public use2222Circana,LLC|For public useMid-affluent millennial and Gen X households without kids index higher with PL food&beverageLower-and upper-affluent millennial households with no kids are also driving growth.Aff

35、luency=household income per capitaSource:Circana Omni Scan Panel,Total U.S.,year ending December 31,2023Millennial HHs,No KidsGen X HHs,No KidsUnitsUnit IndexUnitsUnit IndexLOWER+16.2%106+1.7%119MIDDLE-1.8%124+0.9%129UPPER+5.0%110-2.8%115Circana,LLC|Proprietary and confidential2323Circana,LLC|Propri

36、etary and confidentialConsumers are leaning into private brands to meet their life stage needsGen X with no kids HH penetration is increasing for private brands across the widest number of categories*Apple crisps,carob/yogurt coated,chocolate coated salty snacks,nutritional snacks/trail mixCircana O

37、mni Scan Panel,Total U.S.,year ending December 31,2023HH with Kids Ages 0-11HH with Kids Ages 12+Millennial HHs,No KidsGen X HHs,No KidsRefrigerated Side DishesXXRefrigerated EntreesXXFrozen SeafoodXMexican SaucesXOther Snacks*XXHot CerealXXXFrozen Plain VegetablesXXButter/Butter BlendsXSome categor

38、ies where household penetration increased,and the number of exclusive private label buyers of the category increasedCircana,LLC|For public use2424An even split:Store Brand Loyalists,Predominant Switchers and Name Brand Loyalists Store brand share of wallet segments:Among all outlet shoppers,one thir

39、d are most committed to store brands,another third are most committed to name brands,and a third have a greater tendency to switch between store brand and name brand purchases.Source:Circana Omni Scan Panel,Total U.S.-All Outlets,Latest 52 Weeks October 2023,NBD aligned33%33%33%Store Brand LoyalistS

40、tore brands 27%of total dollars spent Predominant SwitchersStore brands 17%and 27%of total dollars spent Name Brand LoyalistStore brands 17%of total dollars spent Circana,LLC|For public use2525Circana,LLC|For public useConsumers tend to consider store brands as good or better than name brandsParticu

41、larly for food and beverage and over-the-counter medications,store brands and name brands are considered similar in quality.Source:Circana Store Brands Thought Leadership Survey,October2023%Store Brand Loyalists%Name Brand Loyalists8%6%7%7%9%11%70%65%61%44%44%35%22%30%32%50%47%54%OTC MedicationsSalt

42、y SnacksCheeseShampoo/ConditionerLaundry DetergentPet FoodStore Brand SuperiorSB and NB SimilarName Brand Superior8%6%7%5%6%5%80%68%67%50%49%41%13%26%26%45%45%53%OTC MedicationsSalty SnacksCheesseShampoo/ConditionerLaundry DetergentPet FoodStore Brand SuperiorSB and NB SimilarName Brand SuperiorStor

43、e Brand vs.Name Brand SuperiorityCircana,LLC|For public use2626Consumer shopping behaviors are fixed,regardless of the level of loyalty to store brandsPurchase decisions often occur before shoppers enter a store,with habitual brand decisions widespread across Private Brand Loyalists and Name Brand L

44、oyalists.Source:Circana Store Brands Thought Leadership Survey,October 2023I stick to a list when grocery shopping55%I almost always buy brands Ive bought before75%I usually decide what Im going to buy before I get to the store84%Circana,LLC|For public use27Circana,LLC|For public use27Store brands i

45、nfluence where people shopImportance is growing among those most committed to store brandsSource:Circana Store Brands Thought Leadership Survey,October 2023%Who Frequently or Always Choose a Retailer Based on Store Brands CarriedQ3 2021Q3 2022Q3 2023Store Brand Loyalist33%35%38%Switcher27%29%29%Name

46、 Brand Loyalist27%29%29%Circana,LLC|For public use2828Brand trust is foundational for all shoppers,but especially for Private Label LoyalistsIt must be a brand I trust:Source:Circana Store Brands Thought Leadership Survey,October 2023 84%Private Label Loyalists85%PL/Name Brand Switchers77%Name Brand

47、 LoyalistsCircana,LLC|For public use2929Circana,LLC|For public useStore Brand Loyalists enjoy shopping and hunting for the lowest prices more than other segmentsSource:Circana Store Brands Thought Leadership Survey,October 2023Enjoys shopping6 pt higher than brand name loyalists62%Feels overwhelmed

48、by shopping3pt lower than brand name loyalists24%Makes product decisions quickly2 pt higher than brand name loyalists34%Actively searches for lowest price1 pt higher than brand name loyalists65%Stick to a budget when shopping2 pt lower than brand name loyalists43%Pays attention to nutrition and ingr

49、edient labels9 pt higher than brand name loyalists67%Circana,LLC|For public use3030Common product attributes rank high in product decision-making across loyalty segmentsOn-trend,lifestyle and health and wellness ingredients that resonate with your target shoppers reflect opportunities.Source:Circana

50、 Store Brands Thought Leadership Survey,October 2023 Extremely Important to Buying Decision Top 5 Ranked Importance1.Taste2.Price3.Ingredient list4.Prior experience with brand5.Brand I trust1.Taste2.Price3.Ingredient list*4.Brand I trust5.Prior experience with brand*significant higher vs.20211.Produ

51、ct performance2.Price 3.Brand I trust4.Prior Experience with Brand5.Ingredient list1.Product performance2.Price 3.Brand I trust4.Prior Experience with Brand5.Ingredient listFood&BeverageHome CleaningNo PrescriptionMeds1.Product performance2.Price 3.Brand I trust4.Prior Experience with Brand5.Ingredi

52、ent list1.Product performance2.Price 3.Brand I trust4.Prior Experience with Brand5.Ingredient listPrivate Brand Loyalist Name Brand LoyalistTIEDCircana,LLC|For public use3131The percentage of shoppers planning to switch to private label more often is higher than YAGSOURCE:Circana Omnibus Surveys,202

53、2-2023,0%10%20%30%40%50%JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDEC20232022Despite increasing consumer confidence and easing inflation,consumers are leaning into private brands.%of Shoppers Planning to Switch to Private Label Brands More OftenCircana,LLC|Proprietary and confidential3232Private brand implic

54、ations Invest in innovation that supports the store mission and creates a point of differentiation.Consumers are not necessarily shopping for the lowest price point.Focus on the future and who the store consumers will be,which will differ by channel and store format.The opportunity with younger cons

55、umers is engaging them as they start their shopping journey,notably online.Store brands are brands:promote accordingly.Just being on shelf is not enough.Promote points of differentiation,innovation and the many ways consumers define value:value for the dollar,meals that can be stretched,convenience

56、and indulgence or reward.Most consumers start their shopping journey well before they enter the store.Retailers should leverage digital and social platforms to promote their brands.Product consistency is critical to meeting consumer expectations and repeat purchases.Building trust through consistenc

57、y can extend to other products in the portfolio.32Circana,LLC|For public useCircana,LLC|Proprietary and confidential3333Circana,LLC|Proprietary and confidentialCircana Solutions Learn more about how the solutions in this report can support your business.The largest census-based POS coverage of CPG c

58、ore channels.MULO+Scan PanelThe best source for understanding consumer behavior below the brand level and across channels calibrated to POS truth.Integrated big data at scale,trusted predictive analytics,forward-looking insights,and the industrys fastest,most flexible user experience all on a single

59、 platform.Liquid DataCircanas intuitive portal for data integration,custom reporting,collaboration,augmented decision-making,and advanced visualization.Unify+Audience BuilderAn intuitive self-serve tool that helps you build precise target audiences and activate in seconds.33Circana,LLC|For public us

60、eCircana,LLC|For public use34Circana,LLC|For public use34Want to learn more?Circana can help.Plus,registered users get new thought leadership from Circanas research,data,and analytics experts.Scan the QR code to subscribe or email us at Circana,LLC|Proprietary and confidential35AnswersQuestionsCircana,LLC|Proprietary and confidential36Thank you