How Inflation in Affecting the Way That Americans Eat
If you live in the United States, chances are that you've noticed prices rising and rising, especially when taking a trip to the grocery store.
According to Wikipedia, the recent record-breaking inflation can be attributed to various causes, "including pandemic-related fiscal and monetary stimulus, supply shortages, price gouging and, as of 2022, the Russian invasion of Ukraine."
A 2022 report by Attest shined light on the impact of soaring prices on Americans grocery spend. Attest analyzed data from 2,000 working-age Americans and found that inflation has had a great impact on grocery spending habits.
The study found that the #1 way that Americans are cutting back on grocery spend is switching to cheaper brands. 50.1% of those interviewed reported that they've switched to cheaper brands and cheaper foods. Attest mentions that "with less healthy foods often being the cheapest, these dietary changes could be a blow for the war on obesity." Only 10.6% of those interviewed reported switching to cheaper brands for beer and spirits, while 42.9% reported they've been reducing spend on bread and baked goods.
Because many Americans are reducing spend by switching to cheaper brands, it is no surprise that premium foods are bearing the brunt. The report states that "the hardest hit is the premium/luxury foods segment, which sees a huge 61.3% net reduction."
Another notable finding of the study was that "16.6% of people have only recently started eating foods after their expiration date. Added to the 29.5% of consumers who’ve done this for a while, this means 46.1% of Americans are now comfortable to make their own judgements about the ‘freshness’ of goods." Foods that are nearing their expiration date are often sold at a discounted rate, thus the hike in people who are purchasing these foods.
This study is quite insightful, especially for those in the food industry looking to see how the inflation will affect consumers' purchasing of their products. The study, in an easy to understand format, can be viewed on Attest's website.