Increased food prices is still a top concern for consumers, according to a new survey from FMI – the Food Industry Association conducted by The Hartman Group. But rather than buying fewer items to compensate for higher prices, shoppers are looking for deals.
FMI’s U.S. Grocery Shopper Trends 2023 shows that a majority of consumers are still worried about high food prices – including 80% of Boomers and 76% of Millennials. In February, consumers spent an average of $164 per week on groceries, up from $148 in October of last year.
In the past, consumers compensated for inflation by cutting down on the number of items they purchased, but now they’re searching for deals by going to more stores. In February, shoppers shopped at 5.2 different stores on average, up from 4.9 last year.
“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 said in a press release. “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.”
