Private label sales have reached over $251 billion this year, with Gen Z and Millennials driving 81% of the growth. These younger shoppers are drawn to private labels in various categories, including refrigerated and beverage products for Gen Z, and frozen foods for Millennials.
Higher-income shoppers are also adopting private labels at a rapid pace, indicating that they are increasingly seen as quality options. The growth in private label sales is attributed to both lower prices and perceived quality.
Further details on the study's findings are available, including insights into the shifting attitudes towards private labels and their increasing popularity among shoppers.
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