Walmart execs say own-brand sales are growing as customers cut spending, and suggest that other brands could put their prices down to compete

• More shoppers are buying private-label brands at Walmart amid economic uncertainty, execs say.
• CEO Doug McMillon told CNBC that by keeping prices low, Walmart could push other brands to drop their prices too.
• Its CFO said customers were "making frequent trade-offs" and focusing on everyday essentials.

High inflation and concerns about a potential recession are leading to a jump in own-brand sales at Walmart as consumers cut back on spending.