New York, NY—The first half of 2024 has proven that consumers are seeking out store brands. The numbers reported for the last six months indicate total store brand revenue for the year could set a new record for annual sales by surpassing a quarter trillion dollars if sales continue at their current rate.
According to Circana sales data, obtained exclusively by the Private Label Manufacturers Association (PLMA), January through June saw store brands hit an all-time high in both unit and dollar shares when compared to the same period in 2023. As of June 16, unit market share was 22.9% and dollar market share 20.4%, total store brand sales were $121 billion compared to $472 billion for national brand sales, and store brand dollar sales were up 2.3% compared to a gain of 1.1% for national brands. In unit sales, the difference paints a stronger picture for store brands, an increase by 2.5%, while national brands dropped 0.8%.
Circana tracked store brand sales for 10 individual departments. Nine of the departments that were tracked posted dollar sales gains, in order of growth:
- Beauty (+10%)
- Liquor (+8.8%)
- General Food (+6.9%)
- Home Care (+6.8%)
- Pet Care (+5.8%)
- Beverages (+4.3%)
- Frozen (+2.9%)
- General Merchandise (+2.2%)
- Home (+1.7%)
The only department to post a decline was Refrigerated (-0.7%).
“These record highs in market shares illustrate the ‘Store Brands Phenomenon’ that’s sweeping the retail industry across all channels, departments and categories,” said PLMA President, Peggy Davies.
