Millennials Love Private Label Brands
In February of 2015, market intelligence agency Mintel released a report entitled “Private Label Foods: What’s Driving Purchase?” that showed brand trust, improved quality of products and product innovation as top reasons why shoppers of all ages are choosing private label brands over national brands when shopping. But what’s interesting to note is that Millennials – the generation of 18-30 year olds that are referenced by Forbes[1] as the largest generation in U.S. and world history that will become the largest consumer group in U.S. and world history – make up the largest percentage of consumers with positive perceptions of private label products and brands! For example, 63% of shoppers surveyed by Mintel agree that private label products “are higher quality than they used to be, including close to 70% of Millenials.”[2] The article goes on to say:
In addition to improved quality and product innovation, it seems US store brand shoppers hold tight to the notions of brand trust and product loyalty. Nearly 70 percent of all store brand shoppers agree they trust certain store brands more than others, and 64 percent say once they’ve tried one store brand product, they are likely to try other products. Ideologies of brand trust are even stronger for Millennials who are more likely to buy store brand foods in general (97 percent v. 94 percent of all US shoppers).
As your private label snack food partner, Lehi Valley is committed to the high quality and trustworthiness that consumers, especially Millennials, are looking for! Let us help you build your brand and give your customers products they know, love and trust!
[1] http://www.forbes.com/sites/micahsolomon/2014/12/29/5-traits-that-define-the-80-million-millennial-customers-coming-your-way/
[2] http://www.mintel.com/press-centre/retail-press-centre/nearly-half-of-us-millennials-find-store-brand-food-products-more-innovative-than-name-brands
