Fri. Apr 19th, 2024

According to a report released last week by consumer research platform Attest, roughly 60% of Americans are struggling to afford food as price hikes to offset inflation limit what and how much they can buy and where they shop.

Recognizing that many consumers feel squeezed and facing volume shortfalls as a result, CPG makers and retailers are rethinking their marketing strategies with some opting for more promotions and others playing the long-game and holding prices steady even if they lose market share in the short term.

In this episode of FoodNavigator-USA’s Soup-To-Nuts Podcast​, Attest Chief Commercial Officer Todd Fellerman shares insights from the consumer research company’s report published Sept. 13 ‘Facing up to food insecurity: A guide to changing consumer behavior for F&B brands and retailers.’​ He explains who is struggling to afford food, how this impacts their shopping habits and loyalty. He also shines a light on how people across socio-economic and regions approach cooking in the current economic environment and what they are looking for from brands as they balance both their budgets and increasingly busy lives. And finally, he offers tips for attracting and maintaining consumers in the current landscape.

Inflation may be slowing, but grocery prices aren’t dropping

According to data released last week by the Labor Department, US consumer prices for food consumed at home ticked up 0.2% in August over the prior month – a touch slower than the 0.3% month-over-month increase in July but a reversal from the slight decline to flat rates month-over-moth since February.

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