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They grow up so fast. Inflation gripped retail last year, but a number of brands whose products play nice with consumers’ wallets, saw a payoff.
Morning Consult aggregated the top 20 brands with the sharpest rise in purchasing consideration last year, and how that played out across generations. The rankings are determined by measuring the growth in customers who said they would consider purchasing from a brand over the course of the year.
Inflation defined 2022, which meant shoppers were buying fewer of their favorite products and they were less willing to experiment. However, a handful of brands—especially in food and beverage—were able to stand out from the rest of the pack, which could inform who will dominate 2023.
Of the 1,689 brands examined this year, Crocs saw the second-highest purchase consideration among US adults.
- You might have believed Gen Zers were fueling the Crocs craze, but that was the only age demographic not in the top 20 for growth this year.
- Morning Consult says that Crocs is able to dabble with trendier styles and looks without alienating its core audience who appreciate the shoe for its comfort and functionality.
Food and beverage brands saw a lot more purchase consideration last year. A handful of the top 20 include Stok, Great Value cream cheese (yes, you read that correctly), Gatorade Fit, Chobani, Häagen-Dazs, Frito Lay, and the infamous Four Loko.
- For many of these brands, their low price points are the explanation for their growth.
“The food and beverage category tends to do well in economically tense times, which means this year, Gen Xers are responding positively to efforts from a number of brands in the category,” Emily Moquin, food and beverage analyst at Morning Consult, said in the report. “What’s more, our data shows Gen Xers’ healthy-eating intentions are waning under the weight of inflation.”
And speaking of Gen Xers, Shein was the fastest-growing brand among that cohort, which could be explained by their Zoomer kids. As a fast-fashion giant with cheap prices, Shein draws in consumers despite its controversies. It was also named Money’s most popular retail brand of 2022.
The big picture: Compared to 2020 and 2021, last year saw far less overall purchase consideration among all brands, according to Morning Consult. Some brands toward the top either increased customer loyalty among new age demographics (Crocs) or provided consumers cheaper alternatives amid economic hardships (Chobani).