US consumers mix up tactics to meet food needs amid inflation
As inflation rages, consumers are adjusting their shopping behavior to stay within budget while maintaining the quantity of food they purchase and even enjoying a few splurges, according to an analysis of retail sales data from July by IRI. Tactics include picking value-oriented options, purchasing more private label and even choosing a super-premium upgrade, depending on the category.
Some of the biggest shifts toward private label and value options are happening in categories with the greatest year-over-year price increases. These include fresh eggs, with prices up 46.8% in July 2022 vs. July 2021, butter and margarine (up 26.3%) and frozen dinners and entrees (up 22.8%). While inflationary pressures around key expenses such as energy have eased recently, food and beverage prices remain stubbornly high.
While overall volume and unit sales of food and beverages held steady, IRI found consumers were choosing winners and losers within individual categories. For example, consumers bought more meal solutions with value appeal, including pasta and frozen potatoes, both up 6 percentage points; rice (up 5 points); and canned soup (up 3 points), during the 13 weeks ending July 10, 2022, compared to the same period a year earlier. Meanwhile, categories seeing declines include sports drinks (down 9 percentage points), refrigerated and frozen entrees (off 8 and 5 points, respectively), frozen novelties (down 6 points) and ready-to-drink coffee and tea (down 3 points).
Related news
Consumer consciousness is limited by our wallets
According to PwC’s Voice of the Consumer survey, which summarises…
Read more >A third of Hungarians are still looking for ways to eat more healthily and only a quarter of them eat consciously
The representative éTREND 2025 survey by Impetus Research identifies five…
Read more >Global front lines on the food essentials market: beyond bread
Euromonitor International’s annual 100-country research gives a detailed picture of…
Read more >Related news
Danone lines up yogurt facility expansion amid “explosive growth” in US
The Activia brand owner has made a “multi-million dollar investment”…
Read more >Denmark plans to scrap taxes on coffee, confectionery
The complete removal of taxes on coffee and confectionery is…
Read more >Katalin Neubauer: margin stop and mall stop do not serve the interests of retail
The government has extended the margin cap and tightened the…
Read more >