Walmart execs say own-brand sales are growing as customers cut spending, and suggest that other brands could put their prices down to compete
, switching to budget brands or retailer own-label products. Customers focus more on value and become increasingly brand agnostic.
John Furner, CEO of Walmart US, said Tuesday during the company's earnings call that"acceleration" to private, or so-called white-label, brands had started in March 2022 and got"stronger" in the fourth quarter. "We don't set targets for branded versus private brand, and we want to be there for any customer and make sure that quality and value are right across all our product lines," Furner told investors."But there is definitely some acceleration to private brands in the last 90 days."
CFO John David Rainey said that customers were managing household budgets"more tightly, making frequent trade-offs and biasing spending toward everyday essentials." In response, Walmart is focusing on its value proposition and making sure it has high-quality private brands, he said.
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