New data from NielsenIQ reveals that consumers are open to increasing their spending on store brand products if more items were available. In NIQ’s report, 59% of U.S. consumers say they would buy more private label products if a larger variety were available. The report also found that 72% of consumers said private labels are good alternatives to name-brand products, with 75% saying store brands are a good value for the money. At retail, consumers said they are most likely to purchase private label products at supermarket/grocery stores, dollar stores, discount retailers, and pharmacy/drug stores. Additionally, 59% of consumers said they trust store brands since they are endorsed by the retailer. That level of trust is consistent across four key demographic groups, with 58% of Baby Boomers, 55% of Gen X, 63% of Millennials, and 62% of Gen Z saying they trust private label brands. With annual sales of private label products up 4.1%, according to NIQ, nearly half of consumers (49%) said they’re likely buying more private label products than ever. The rate of sales growth for private label is outpacing the Top 100+ national brands (+2.4% annual sales growth), the Top 11-100 national brands (+2.3%), and the Top 10 national brands (+1.7%). The Nielsen report also highlighted the price differences between private label and national brands across several key categories. As a whole, branded products on average are sold at prices that are 19% higher than store brands.