Big brands under siege from private labels
Australians are now spending $20 billion a year on the private label products of the major supermarket chains like Coles and Woolworths and this is set to increase another $10 billion over the next five years as cost of living concerns squeeze household budgets.
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"The recessive economic climate has been a strong driver of private-label growth," said IBISWorld general manager Karen Dobie.
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"Households have been reining in spending, paying off debt and increasing savings. This, coupled with an increase in the range of private-label products available, has led many consumers to make the shift to home brands."
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The market research firm said Australians are expected to spend $85.9 billion on groceries this year ending June 30, 2013 with $21.6 billion of this being spent on private label products, up from around $10 billion five years ago.
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This spend is expected to hit $31.8 billion by 2017/18. Sydney Morning Herald – Read more…
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