FMI: Consumers Take Steps to Offset High Grocery Prices
Consumers remain concerned about the price of groceries, but are less likely to cut back on the number of items they purchase, according to a new survey from FMI - The Food Industry Association.
In FMI’s U.S. Grocery Shopper Trends, among consumers concerned about rising food prices, 32% in February reported buying fewer items, down from 41% in October. To help offset high prices, shoppers said they continue to look for deals across multiple channels including supermarkets, mass retailers, club stores and online outlets.
“Our national survey reveals persistent consumer concern about food and beverage prices, as the weekly spend for groceries increased in late 2022 and early in 2023,” said Leslie G. Sarasin, president and CEO of FMI. “To address higher prices, shoppers are visiting more stores and seeking deals to stretch their dollars but are now less likely to cut back on the number of items purchased compared to six months or a year ago. This is an opportunity for our industry to continue connecting with shoppers on food-inflation-mitigating solutions.”
As shoppers shop cross-channel in an effort to save money, many remain concerned about high prices. The survey found that 80% of Baby Boomers are worried about high prices, up 11% from October 2022. Additionally, 76% of Millennials are concerned about prices up 5% from a year ago.
In February, consumers on average spent $164 per week on groceries, up from $148 in both October and February of 2022.
FMI’s survey also revealed:
- 68% of shoppers report spending more on groceries than one year ago; 7% say they spend less.
- Households with children reported the greatest increase in grocery spending year over year.
- 55% of those polled are concerned with rising prices at restaurants, up from 50% in October
- In February, shoppers visited on average 5.2 different stores, up from 4.9 in February 2022. Meanwhile, shoppers used 3.6 different channels per month, down from 4.0 in February 2022.
- Online shoppers have reduced the number of channels they shop online; while supermarkets and club channels have lost some of their online users, mass retailers have not.