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
Spanish Food E-Commerce Market Set To Recover In 2025
The Spanish e-commerce market for food and hygiene products is…
Read more >German consumers Rarely Shop via Social Media
German consumers remain skeptical about shopping through social media, according…
Read more >UK Retailers Prioritise AI Over Planned Technology Investments, Study Finds
Over two thirds (67%) of retailers in the UK are…
Read more >Related news
Fitch: Global economy recovering as tariff war eases – China and US may drive growth
Fitch Ratings expects stronger-than-expected economic performance in 2025: according to…
Read more >Melon import volume drops by 51 percent
Compared to last year, the volume of melon imports has…
Read more >The Hungarian Product trademark gives companies a sense of community and customers reliable quality
Professional cooperation based on mutual benefits enables businesses to overcome…
Read more >