Consumers Easing Up on Inflation-Centric Habits: Report
With more signs showing that grocery inflation remains in moderation mode – still elevated but off its peaks – another study affirms that shoppers are easing their price-driven tight grip on their wallets.
Consumer research platform Attest recently shared the results of a survey showing that 33% of shoppers are purchasing cheaper food to rein in costs, a 12% decline from 2022. In addition, 26% of consumers reported that they are trying to buy less food, compared to 40% who expressed that sentiment two years ago.
[RELATED: Frustrated by High Prices, Shoppers Focus on Value, Convenience and Personalized Experiences]
In another finding that suggests that cautionary behaviors are somewhat ebbing, Attest’s data reveals that consumers are back to buying meat. Today, 20% of shoppers said they have cut meat consumption, versus 36% in 2021.
Meanwhile, although 81% reported that they are likely to buy store brand products, the percentage of people who indicate that they are very likely to choose private label products dipped 12% from last year to this year, coming in at 46%.
That said, while shoppers seem be adjusting to shifting economic headwinds – yet again – they are not spending with proverbial abandon. Cost remains the top priority for grocery shopping (cited by 38% of respondents), followed by food safety at 14%.
Shoppers remain drawn to value retailers, too. Nearly half (48%) of those surveyed said that Walmart is their favorite supermarket, followed by Kroger at 10%, ALDI at 8%, Costco at 6% and Target at 4%.
The data was gathered from Attest’s survey of 2,000 nationally-representative working-age U.S. consumers conducted in August 2024.
