More than three-quarters of US consumers say their family has changed how they buy food because of price increases, according to new data from NCSolutions. Almost two-thirds (65%) say their income has not increased as fast as the cost of food, beverage, and personal care products.
The vast majority (85%) of respondents in the survey are concerned about inflation, and 83% expect the cost of living to continue to go up in the coming year. Just over half (53%) said they have noticed basic food staples being more expensive.
To cope with the higher prices, consumers are:
- Buying fewer non-essential food items (46%)
- Buying only the essentials (43%)
- Seeking out less expensive brands (45%)
- Loading up on pantry (27%) and freezer (26%) items
- Shopping closer to home (24%)
They’re also going without their favorite brands when the prices get too high (46%) and actively looking for sales (43%).