US consumers mix up tactics to meet food needs amid inflation

By: Trademagazin editor Date: 2022. 08. 23. 10:25

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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).

Grocery Drive