About one-third (32 percent) of shoppers concerned about rising food prices reported buying fewer items as a strategy to save on food dollars in February 2023, down from 41 percent in October 2022, according research from The Food Industry Association, conducted by The Hartman Group.
Shoppers continue to look for deals across multiple channels including supermarkets, mass retailers, club stores, and online to mitigate the impact of higher food prices on their budgets.
“Our national survey reveals persistent consumer concern about food and beverage prices, as the weekly spend for groceries increased in late 2022 and early in 2023,” said Leslie G. Sarasin, president and CEO of FMI, in a statement. “To address higher prices, shoppers are visiting more stores and seeking deals to stretch their dollars but are now less likely to cut back on the number of items purchased compared to six months or a year ago. This is an opportunity for our industry to continue connecting with shoppers on food-inflation-mitigating solutions.”
Food price concerns cut across shopper demographics, but Boomers are more worried about rising food prices than any other group, with 80 percent showing concern in February 2023, up 11 percent from October 2022. Millennials are close behind with 76 percent saying they are concerned, 5 percent more than the previous year.
Food cost concerns coincide with a spending increase elicited by inflation. In February, consumers spent roughly $164 per week on groceries, up from $148 in both October and February of 2022.
FMI’s U.S. Grocery Shopper Trends survey also revealed:
• 68 percent of shoppers report spending more on groceries than one year ago; 7 percent say they spend less.
• Households with children reported the greatest increase in grocery spending year over year.
• About 55 percent of those polled are concerned with rising prices at restaurants, up from 50 percent in October.
• In February, shoppers visited on average 5.2 different stores, up from 4.9 in February 2022.
• Supermarkets and club channels have lost some of their online users, mass retailers have not.
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