Created: 08/12/2014 8:36 AM WHEC.com
Americans are wasting billions a year on brand-name products. That's the finding of University of Chicago researchers who say we're spending about $44-billion on brand name products when we can get the generic equivalent for about half the price.
While the average household buys brand-name pain killers 26-percent of the time, pharmacists buy brand names only 9-percent of the time.
A similar trend turns up at grocery stores.
The average consumer pays for brand-name salt, sugar and baking powder 40-percent of the time, the most informed professional chefs only buy these brands 20-percent of the time.
The study suggests ads are more likely to mislead all but the most knowledgeable consumers, prompting many to buy more expensive brand-named products rather than generic.