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A new white paper from Canadian branding and design firm Shikatani Lacroix says retailers who are refreshing their private label programs must bring products that cater to Hispanic and immigrant markets to capture the largest future growth in the industry.
Jean-Pierre Lacroix, author of the white paper Beyond the middle: The evolution of value and values for private label brands, says that although retailers’ private label programs have a wide demographic draw among household and income groups, they are “generally under-developed among multi-cultural households, a growth opportunity that is currently not being leveraged.”
With Nielsen data showing the growing rise of purchasing power among multi-cultural households, Lacroix says attracting their purchases has to be the focus for retailers in the future.
“As retailers rush to complete their corporate brand refresh in order to capitalize on the consumer shift to value, it is important that third-tier products that cater to the Hispanic and immigrant markets be futher explored, as these segments will represent one of two key platforms for the future growth of retailers.”
Find the full white paper on the PLBuyer website at http://www.privatelabelbuyer.com/topics/2675-white-papers.