Consumer choices to combat inflation

Food purchased from supermarkets has been officially surpassed by gasoline as the most important consumer worry in the wake of increasing prices. In February, the average weekly spending on groceries surpassed the peak pandemic levels. Food inflation topped 10% in the last year. However, these numbers are a common sight in the headlines we’ve become used to seeing in the current uncertain economic climate.

It’s not a secret there’s a feeling among consumers that they’re under the pinch of inflation, particularly food stores. When consumers are faced with these intense stressors, their choices for food and shopping habits for groceries have been radically changing. The inevitable trade-offs will occur, but one major trend has emerged from recent research conducted by The Hartman Group: Consumers will do everything they can to maintain their own food preferences and standards of quality.

Food choices remain the same

Let’s get an example: people aren’t willing to change the food choices they eat, even during an era of rising prices. Food choices are connected to the perception of health and well-being, which makes them difficult to abandon. However, inflation can affect well-being for a lot of. Hartman’s Health & Wellness 2023 study revealed that 40% of people were forced to rethink their goals for wellness and make sacrifices due to the rising cost of food. Since shopping less often isn’t feasible, people prefer to change the wayor whatthey purchase their groceries than the food they purchase.

Sourcing gets creative

Instead of giving up certain products or qualities they value, such as certified organic, fresh fruits and vegetables, or meats that are fresh, the majority of consumers are opting for deals. buying more brand-names from stores and relying more on loyalty programs or even limiting their purchases to sales on purchases are all common methods that consumers can offset the higher cost while focusing on their food choices. This suggests the growing interest in and the potential for private-label brands regardless of whether inflation is slowing. As people become more aware of the high-quality products at a lower cost, it is possible that we will observe a more consistent buying behavior.

Budgets are balanced in other areas

While shoppers search for bargains in the supermarket aisles, they’re also looking for ways to maintain their health and improve the quality of life in different areas. A lot of them are still paying for vital expenses such as gasoline as well as medical care for children, and housing even though it is more expensive. Therefore, consumers continue to seek out low-cost options in their spending habits in other areas. They’re shopping less often in order to save gas or putting home cooking ahead of dining out (even when it results in a higher cost for groceries) and rescinding gym memberships in favor of outdoor workout or online classes for free.

Financial matters can have a significant influence on our health because of the decisions we have to make, in addition to the anxiety and stress that can result from tighter budgets and the need to work more to meet the needs of our families. However, Americans are definitely motivated to come up with new strategies to live their values in a sustainable manner. While these shifts in behaviour could result in more competition in and across different channels, businesses have the chance — and the responsibility fulfill the changing needs for food sources of the discerning, value-oriented consumer in the face of rising prices.

As the CEO of The Hartman Group , Laurie Demeritt drives the vision operation, strategy, and culture that is results-driven for all employees as The Hartman Group furthers its offering of strategic thinking, market and consumer expertise, cultural and cutting-edge intellectual capital the global market.