With the continued rise of inflation impacting consumer spending, Walmart has introduced a new private label grocery brand called BetterGoods. This brand is aimed at offering customers more trendy and chef-driven food options at affordable prices, with most items priced at under $5. As the largest grocer by revenue in the United States, Walmart is looking to retain and attract customers during this challenging economic period.
Customers have been increasingly turning to store brands due to shortages of national brands’ products during the Covid-19 pandemic. The trend has been further fueled by the higher prices of food and housing during this time of inflation. Additionally, the growing popularity of low-priced grocery chains like Aldi, Lidl, and Trader Joe’s, as well as Costco’s Kirkland brand, has changed the perception of store brands among consumers.
Grocers have evolved their private label approach to offer more unique and innovative food items, moving away from basic and copycat products. Retailers like Target have launched new grocery brands, such as Good & Gather and Favorite Day, offering a wide range of creative and affordable food options. Other retailers, like Kroger, have introduced brands like Smart Way to compete with discounters like Aldi and Dollar General.
Walmart’s new grocery brand, BetterGoods, will feature a range of products in categories like frozen foods, dairy, and snacks, with prices ranging from under $2 to under $15. The brand is organized into three major areas: culinary flair, plant-based options, and products excluding certain ingredients. For example, customers can expect items like a jarred creamy corn jalapeño chowder, oat milk non-dairy frozen dessert, and gluten- and antibiotic-free chicken nuggets.
As Walmart continues to navigate the challenges of high inflation and changing consumer preferences, the launch of BetterGoods represents the retailer’s commitment to meeting the evolving needs of its shoppers. By offering more unique and affordable food options through its private label brand, Walmart aims to strengthen its position in the competitive grocery industry and provide value to its customers.