A new report from research firm Maru Public Opinion shows that Americans are continuing to cut spending as inflation pushes food and fuel prices higher and higher, a sign of more shoppers switching to private brands.
The study of over 1,500 people, conducted for the American City Business Journals, found that 59% of Americans say the cost of groceries is rising so much they’re having to cut back to just the necessities, and half (51%) indicate they are having to buy less food nowadays for their family because prices are increasing faster than their income.
One category being hit by these consumer cutbacks is meat. Half (51%) of Americans in the survey said they have “really cut back” on purchasing red meat because of the high price, not because they are avoiding it. 37% search out meat with an in-store percentage discount sticker because its “best before date” expires that day.
Four in ten (42%) shoppers said they groceries almost constantly at “no frills” basics outlets nowadays because they’re cheaper than regular grocery stores. Those who are lower middle income ($25,000-$49,000, 45%) are most likely to visit these types of stores whereas all other income groups are within the national average.
The full report from Maru Public Opinion can be found here.