🛒 Consumers are feeling the pinch of food inflation. Our latest insights reveal that 68% are swapping restaurants for at-home dinners. Rabobank has the details on how shoppers are adapting to battle inflation: https://prn.to/3RMfkAZ #consumerinsights #inflation #grcoery #restaurant
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President, Foodbuy Foodservice | Expert in Procurement | Connecting Professionals | Servant Leadership
Some helpful numbers here from NRN on the latest with #inflation and #consumer eating habits. While inflation remains "significantly higher than pre-pandemic levels," the U.S. Bureau of Labor Statistics’ Consumer Price Index for December slowed to 6.5%, which is "in line with expectations." In regards to restaurants and eating outside the home, a new report from Baird shows a 7% increase in restaurant spending during the first week in January. #Restaurant #FoodIndustry #FoodProcurement
Inflation continues to cool, but food prices remain stubborn
nrn.com
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Although food inflation has slowed in 2023, 31% of consumers are cooking at home more often, 20% are purchasing more groceries to reduce overall food spending, and half of shoppers intend to prepare and consume more meals at home than out in 2024, according to the latest installment of the US Grocery Shopper Trends report from FMI -- The Food Industry Association. #food #inflation #budgetfriendly
FMI: Shoppers Optimistic Ahead Of Busy Holiday Meals Season - The Shelby Report
https://www.theshelbyreport.com
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Following on from Henry's show update, Speciality Food Magazine has released the following article on cost price inflation in Food & Drink with some interesting insights. https://lnkd.in/eM3GV6i5 #worthagander #inflation #costpriceincrease #fmcg #foodandbeverage
Food price inflation: the latest data and where it’s headed next | News | Speciality Food Magazine
specialityfoodmagazine.com
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According to the USDA’s food expenditure series, consumers continue to spend more at restaurants compared to decades past, with the share of U.S. spending on food at home (43.8%) and food away from home (56.2%) back to pre-pandemic levels in 2022. As convenience and time savings drive purchasing behavior, many of us prefer to grab a bite at a restaurant or through takeout and BOPIS options than cook for ourselves. While food at home has lost wallet share to food away from home over the past few years, food at home sales increased 9.7% in 2022, showing that while consumers are eating out more, they are also spending more than ever on groceries.
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More people are choosing to eat out or seek out quick meal options, which is cutting into the market share of grocery retailers. USDA data shows that 53% of US household food expenses went towards away-from-home food options in 2022. This market share is expected to grow to 55.2% by 2027. Stores can begin to compete with this shift by offering more ready meals and takeaway food options for busy customers.
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Eating continues to cost more, even as overall inflation has eased from the blistering pace consumers endured throughout much of 2022 and 2023. Prices at restaurants and other eateries were up 5.1% last month compared with January 2023, while grocery costs increased 1.2% during the same period, Labor Department data show. Relief isn’t likely to arrive soon. Restaurant and food company executives said they are still grappling with rising labor costs and some ingredients, such as cocoa, that are only getting more expensive. Consumers, they said, will find ways to cope. “If you look historically after periods of inflation, there’s really no period you could point to where [food] prices go back down,” said Steve Cahillane, chief executive of snack giant Kellanova, in an interview. “They tend to be sticky.” In 1991, U.S. consumers spent 11.4% of their disposable personal income on food, according to data from the U.S. Agriculture Department. At the time, households were still dealing with steep food-price increases following an inflationary period during the 1970s. More than three decades later, food spending has reattained that level, USDA data shows. In 2022, consumers spent 11.3% of their disposable income on food, according to the most recent USDA data available. Food inflation has raised the ire of President Biden, who took to Instagram during the Super Bowl to blast food makers that he said were providing less bang for consumers’ buck—putting fewer chips in each bag or shrinking the size of ice-cream containers. “The American public is tired of being played for suckers,” Biden said. “I’ve had enough of what they call shrinkflation. It’s a rip-off.” David Chavern, CEO of the Consumer Brands Association, which represents major food manufacturers, said the industry offers many choices at different price points. “We hope to work with the president on real solutions that benefit consumers,” he said. Many diners have said they are going out less frequently or skipping appetizers, while buying cheaper store brands more frequently at supermarkets and seeking out promotions or deals offered via apps. That is starting to chip away at some sales for food makers and restaurant operators.
It’s Been 30 Years Since Food Ate Up This Much of Your Income
wsj.com
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It's tough out there and only getting tougher. As we unpacked our weekly/bi-weekly shop this wknd which used to be £80-£90, now £120-£130+ (£160+ if you don't have your special membership card!) and that's after subbing out for own-brand or just saying no way to price increases. It's so hard to tell what is a genuine price increase and what is just being uplifted because everything else is. I've noticed certain supermarkets price matching others and making a big noise about it but I have seen price matching up as well as down! Very misleading to the average consumer. How have you adapted to the ever rising pricing at supermarkets? Do you shop around every supermarket for the best deal? Have you started growing your own fruit & veg?
Basic food costs surge more than 30% in two years
https://www.retailgazette.co.uk
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How are consumers dealing with rising food costs? This great article from SmartBrief details the trade-offs happening in grocery and how food and beverage manufacturers can be better prepared. https://bit.ly/3YwG4Yn #inflation #foodcosts #foodindustry #foodandbeverage
Consumer trade-offs in the face of inflation - SmartBrief
corp.smartbrief.com
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US food and soft drinks prices extended an easing trend in September from last year’s historical highs, with grocery shoppers and diners getting further relief. #us #usbusiness #inflation #2023inflation #crisis #foodcrisis #costoflivingcrisis #food #foodindustry #foodindustryinsight #foodnews #foodbusiness #foodbusinessnews #foodbusinessowner
Food and soft drinks prices in the US match pace of headline inflation
just-food.com
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Feeling the pinch at the drive-thru? Fast food isn't what it used to be! Fast-flation is real, and a new study reveals how top chains have hiked prices way beyond inflation rates, 𝘂𝗽 𝘁𝗼 𝟭𝟯𝟰%. Find out which fast-food giants are leading the surge vs those keeping pace with inflation: https://lnkd.in/eUigw2xS #foodnews #foodindustry #inflation #foodservice #fastfood
Fast-Flation: Fast Food Restaurant Prices Surge, Even as Inflation Wanes - The Food Institute
https://foodinstitute.com
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