Your favorite name brand may be losing ground to the store brand.
A new report says private-label products like Costco's Kirkland, Walmart's Great Value, and Target's Up & Up are grabbing a bigger share of shoppers' wallets.
The trend extends beyond groceries, with store-brand products gaining traction in household goods, health items and beauty products.
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Industry data show store brands generated about $245 billion in U.S. sales last year as consumers looked for ways to save money.
Experts say better quality and lower prices are helping store brands compete with longtime household names.
Recently, a study from SPINS found that private-label sales climbed to more than $251 billion this year. That growth was mainly driven by Gen Z and Millennial shoppers.
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The study found that Gen Z shoppers gravitated toward private labels in the refrigerated and beverage categories, while Millennials were especially strong purchasers of frozen foods.
Researchers say private labels are gaining popularity not only because of lower prices, but also because of their quality, health-focused ingredients, and unique product offerings.
