Survey: Most Consumers Seek Detailed Product Information

More than three-quarters (77%) of consumers believe that product information is important when making a purchase, according to a survey by GS1 US, the neutral not-for-profit information standards organization, best known as the administrator of Universal Product Code (UPC) barcodes.
Additionally, 79% of shoppers are more likely to purchase products with a scannable barcode/QR code (via smartphone) that provides the information they want.

Last month, GS1 US commemorated the 50-year "Scanniversary" of the barcode. Today, the barcode identifies over 1 billion products and is used more than 10 billion times daily.

DATA POINTS: Social-Commerce Market

$145 billion

The expected value of the social-commerce market in the United States by 2027, from $67 billion today. Social-commerce is the amount spent on purchases made through various social media platforms.

Source: McKinsey & Company’s “State of the Consumer 2024: What’s New and What’s Next” report.

IDEAS AND INSPIRATION: Gopuff, Kroger, Publix
  • The Publix Ice Cream tour has kicked off. It’s stopping at public parks, piers and other community locations in Nashville; Atlanta; Lakeland, Fla., and several other cities. Samples of Publix-brand ice cream are distributed.
  • Kroger Co. recently offered discounts on several private brand dressings, marinades and other barbecue essentials, including Simple Truth Organic Sesame Teriyaki and Cilantro Lime marinades.
  • E-commerce company Gopuff has partnered with McConnell’s Fine Ice Creams for a summer-inspired PB&J ice cream that’s sold exclusively on Gopuff. The special edition ice cream features Santa Barbara strawberries, peanut butter and house-made white bread stirred into ice cream.
TREND ALERT: Easy-Bake Desserts

Quick-and-easy baked goods are a customer favorite. “Quick Baking” is printed on the package of frozen lemon cheesecake cookies at Whole Foods Market. The frozen cookies can be baked in just seven minutes. They are made with cage-free eggs and real butter.

Canned Tuna Market Poised for Growth

The global canned tuna market is estimated to grow by $3.56 billion over the next five years, according to new research from Technavio. The segment is expected to grow at a CAGR of nearly 3.8%.

According to the report, the launch of new products is driving market growth, with a trend towards expansion in online retailing.

Since more consumers prefer the convenience of buying products online, leading vendors are collaborating with retailers like Amazon and Alibaba to expand their sales channels.

Environmental concerns have driven the industry to focus on sustainable practices. Trends include value-added products such as flavored and organic canned tuna. The sector is expected to continue growing with technologies like canned tuna in pouches and improved preservation methods.

Sports Drinks, Instant Potatoes are High-Growth Categories for Store Brands

The majority of store brand food and non-food categories achieved strong gains in both dollar and unit sales for the 52 weeks ending June 16, 2024, compared to the same period the prior year, according to Tom’s Data Dive.

In the 163 food categories where private label sales were recorded, 79% of the categories had store brand dollar growth.

In addition, one-third of the categories (34%) had gains above 10% in dollar sales. Instant Potatoes had the largest hike (up 68%) while Sports Drinks (+65%), Baby Food (+21%) and Sugar/Sugar Substitutes (+17%) were a few of the 129 categories where store brand increased in dollar sales.

In unit food sales, 70%, or 114, of the 163 categories posted elevated sales and nearly 15% had increased store brand sales of 10% or higher. Shelf stable Juices/Drink Concentrates rose 153%.  while Gum (+30%) and Chocolate Candy (+21%) were two of the other standout categories.

For the 148 non-food product categories, 60% of the categories demonstrated store brand dollar sales growth, In addition, 30% had growth of 10% and above in dollar sales. Unit sales gains were equally impressive, demonstrating a 45% rise in sales. Also, 27 non-food categories posted more than a 10% gain in unit sales over the past 52 weeks.

Tom’s Data Dive is an e-scanner column written by PLMA Director of Research Tom Prendergast based on analysis of PLMA/Circana Unify+ market data platform, available on plma.com.
 

Store Brands Continue to Outperform National Brands

Store brands reached all-time highs in both unit and dollar share during the first six months of 2024, compared to the same period a year ago, according to new Circana sales data provided exclusively to PLMA.

Unit market share was 22.9% and dollar market share was 20.4%, as of June 16.

The improved market shares came on the strength of store brands' superior performance at checkout versus national brands. Store brand dollar sales were up 2.3%, vs. a gain of 1.1% for national brands. In unit sales, the difference was even greater: store brands increased by 2.5%, while national brands dropped 0.8%.

Total store brand sales for the six months were $121 billion; national brand sales were $472 billion.

Results in the 10 individual product departments that Circana tracks for PLMA paint a clear picture of where store brand sales are doing well. It's nearly everywhere, as nine of the departments posted dollar sales gains for the 52 weeks ending June 16.

The Beauty department increased the most, up 10%; followed by 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%), and Home (+1.7%). Only Refrigerated slipped, but it was a nominal minus 0.7%.

PLMA estimates that if sales continue at the current rate for the balance of the year, total store brand revenue for 2024 will exceed a quarter trillion dollars, setting a new record for annual sales.
 

Data Points: Grocery Sales Gains

2.53%

Grocery and beverage store sales gains in May 2024 vs. a year ago unadjusted. The rise was 1.97% month-over-month seasonally adjusted, according to the CNBC/NRF Retail Monitor.

IDEAS AND INSPIRATION – Heinen's, H-E-B, Wegmans

New to the frozens department at H-E-B are snack-size filled pancakes. They come in two flavors: blueberry and peanut butter & jelly.

Heinen's introduced cold-pressed juice shots. Made with vegan and vegetarian ingredients, the 2-ounce refrigerated juice shots come in several flavors, including Turmeric Ginger Immunity, Organic Wheatgrass, and Collagen with Aronia, Blackberry and Pineapple.

Wegmans Food Markets’ new gluten-free snacks include baked jalapeno cheese puffs; baked potato crisps and sour cream and onion baked potato crisps.

Trend Alert: Cherry Picking

Sprouts Farmers Market has launched a limited-time line of cherry-flavored foods and beverages. Among the items: cherry chocolate gelato, cherry dark chocolate brownie mix, dark chocolate cherry popcorn; and cherry blossom-flavored lemonade.