Consumers are feeling stressed about inflation and they plan to cut their food spending in response, according to new research from Vericast.
The survey found that stress levels and mental health concerns surrounding inflation have jumped almost 50% from 5 months ago. More than half (57%) of consumers plan to cut back on spending for Thanksgiving dinner, while 74% said they would buy Thanksgiving ingredients from a new brand if offered a deal. Additionally, more than half (59%) say they will eat out less over the next couple months.
Of the 1,000 U.S. adults surveyed, the vast majority (95%) are concerned inflation will negatively affect their finances heading into 2023. More than three-quarters of Gen Z respondents (79%) said their mental health is negatively impacted by rising prices. This is up 58% from May 2022. Gen X (78%) and millennials (77%) weren’t far behind.
Chip West, Director of Category Strategy, National Sales at Vericast, said the survey results point to another rocky holiday season. “What is typically the biggest selling season of the year will also be the toughest,” West said. “Consumers across demographics have been hit by inflation and are ramping-up value-seeking behaviors.”
Consumers plan to save money by using coupons this holiday season. They also plan to use holiday deal days and redeem cash back rewards.
