Do we have to cook again? Trying to save money on food? Well you are not alone, even Steven Johnson Grocerant Guru® at Tacoma, WA based Foodservice Solutions® is wondering when will the price of a meal stabilize?
So, a recent consumer sentiment survey commissioned by NCSolutions (NCS) found that nearly half of Americans feel like they cannot afford their previous lifestyle. Additionally, three-quarters of American consumers say their family has changed how they buy food with prices on the rise.
Looking forward, 85 percent of Americans are very concerned or extremely concerned about inflation and 93 percent said we're in an inflationary time. On the same economic theme, 57 percent are concerned about the country's financial situation, while 47 percent say they're concerned about their family's financial situation, according to NCS.
Alan Miles, CEO, NCSolutions, stated, "For the second time in a little over two years, consumers are pivoting to new purchasing behaviors at the grocery store," ... "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."
Thirty-six percent of Americans said there is less variety of brands available on the shelf today compared with one year ago, the survey found. Other notable findings include:
· 53 percent of American consumers say they find basic food staples more expensive;
· 40 percent believe a recession will occur in 2023;
· 46 percent are buying fewer non-essential items on the food aisle; and
· 45 percent are seeking out less expensive brands in the grocery aisle.
Leslie Wood, chief research officer, NCSolutions, stated, "Though it may be tempting to pull back on advertising, a more effective strategy is to recognize and respond to consumer 'stress-flation.' Brands have an opportunity now to build loyalty and attract new customers with empathetic marketing,"
Don’t over reach. Are you ready for some fresh ideations? Do your food marketing ideations look more like yesterday than tomorrow? Interested in learning how Foodservice Solutions® can edify your retail food brand while creating a platform for consumer convenient meal participation, differentiation and individualization? Email us at: Steve@FoodserviceSolutions.us or visit us on our social media sites by clicking the following links: Facebook, LinkedIn, or Twitter