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NEW YORK Deloitte released a report last week that reaffirmed the latest shopping trend among consumers: private-label purchases.
In Deloitte’s new “The Battle for Brands in a World of Private Labels” study, 77% of consumer packaged goods executives and 90% of retail executives surveyed said the market share of store brands will increase significantly by 2012 in the United States, as many consumers find that store brands are manufactured just as well as national brands and find little to no reason to switch back to national brands, Deloitte said.
“Though conventional wisdom has co-branding between retailers and CPG companies as a win-lose proposition, the results of our study indicate that nearly half of retail and CPG executives agree that working together may be the best way to win the wallets of the ‘new consumer,’” said Pat Conroy, vice chairman and Deloitte’s U.S. consumer products practice leader. “What they need to consider are variations on current brands and what new innovations should be brought to market so as not to overwhelm an already substantial marketplace.”