Americans are paying attention to prices, comparison shopping like never before, and they’re cutting back on grocery purchases, according to new poll data that show inflation is taking a toll on families, especially low-income families.
The October Morning Consult poll, released Monday, shows 82% of Americans say they have been trying to buy fewer groceries due to inflation.
“Purchasing fewer items overall is an increasingly common tactic concerned consumers are employing to save on groceries amid persistent price growth in the category. Retailers and food & beverage brands alike should take note, as this could be an indication of slowing demand,” the polling company wrote.
“The most common cost-saving actions are comparing prices and buying generic or store brands instead of name brands,” Morning Consult wrote. “Consumers have consistently relied on these tactics, but recently a growing number have been employing a different approach: buying less overall.”
Heightened concern over food prices is understandable, given that food represents the second largest monthly expenditure for most people, behind only housing. “Plus, the consumer price index for food at home was up 13% year over year in September as prices for groceries continued to spike amid high demand and supply chain disruptions. This 13% growth is on top of already-high total spending,” Morning Consult said.
Since this time last year, shoppers have added new worries as they hit the grocery store. At first, it was primarily the cost of meat that concerned them.
Nearly a year ago, a high percent of consumers expressed concerns about rising prices in categories representing a greater dollar share of people’s grocery carts, like meat and produce.
“Now, as prices have risen across the store, concern has also risen in less frequently purchased categories and categories that have experienced the most price growth,” Morning Consult advised.
In October, 9% more of surveyed shoppers are concerned about the cost of dairy items, which are up 16+% since last year, one of the steepest of any food category.
In less frequently purchased categories, such as pantry items, staples, and ingredients, the percent of Americans who said they are very concerned about cost has risen up to 9 percentage points among those surveyed, since last October.
Last year, 64% of shoppers told the polling company they were cutting back on groceries as a strategy for saving money. In September, 72% said that they are buying less food. By October, that number had risen to 82%.
