Rising food prices are slowly changing our grocery store shopping habits, which are already out of whack after the pandemic pushed more Americans to eat at home, industry analysts say.
Rising food prices are slowly changing our grocery store shopping habits, already kind of weird after the pandemic pushed more Americans to eat at home, industry analysts tell Axios.High inflation is rippling out into all kinds of markets — from nickel to housing to stocks to supers — and changing the way we live.Some folks are swapping different types of meat, as those prices climb.
More broadly, people are just buying smaller packs of meat, said Joan Driggs, vice president of content at IRI, a market research firm. "If you watch the meat case, [shoppers] will rifle through some of those packs until they find the lowest price." You're also starting to see shrinkflation — where companies are keeping prices the same, but selling you less of whatever is inside, cereal or ice cream or whatever, to compensate.So far, our spending on food isn't increasing at the same rate as inflation. Household spending on groceries was up 4% on average in April, according to an April market report from FMI, the food industry association. It's a sign that shoppers are figuring out ways to keep costs under control.
"Consumers are really adept and they're nimble when it comes to their spending habits," said Heather Garlich, senior vice president of communications at FMI. Shoppers with incomes of less than $40,000 aren't buying as much fresh meat and seafood, according to the report. They're turning to frozen meat or canned stuff instead — and buying more store brands.Axios on facebook
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