Nearly 76% of American consumers say their family has changed how they buy food with prices on the rise, according to a survey by NCSolutions (NCS).
Meanwhile, 85% of Americans are very concerned or extremely concerned about inflation and almost unanimously (93%) they said that we’re in an inflationary time.
“For the second time in a little over two years, consumers are pivoting to new purchasing behaviors at the grocery store,” says Alan Miles, CEO, NCSolutions. “Since the start of the pandemic, they've been swapping their favorite brands for what's available. Today, though, value is the centerpiece more often than availability, consumers are selecting brands and products to stretch their budgets as far as possible. CPG brands that meet customers where they are both in this inflationary moment and as prices ease have the best shot at keeping them for the long-term.”
From PR Newswire:
- In a six-year price trend analysis, price increases in 2022 are pacing at an accelerated rate compared to other years.
- Compared to one year ago, six in 10 Americans believe consumer packaged goods (CPG) product packaging has gotten smaller but costs the same.
- Consumers still feel the strain of supply chain issues as 69% say there are fewer items of the same product on the shelves.