FMI report: Fewer shoppers cutting back on items purchased, despite higher prices

While U.S. shoppers remain concerned about rising food prices, consumers are less likely to reduce the number of items they purchase. This finding comes from the Food Marketing Institute's 2023 U.S. Grocery Shopper Trends survey of grocery shoppers’ spending habits and attitudes, conducted by The Hartman Group.

The survey also reveals that among shoppers concerned about rising food prices, only 32% of shoppers in February reported buying fewer items as a strategy to address rising costs, down from 41% in October. Instead, shoppers continue to look for deals across multiple channels—supermarkets, mass retailers, club stores and online—to mitigate the impact of higher food prices on their budgets.

“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 Sarasin, president and CEO of FMI. “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. This is an opportunity for our industry to continue connecting with shoppers on food-inflation-mitigating solutions.”

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Food price concerns cut across shopper demographics, but boomers are more worried about rising food prices than any other group, with 80% showing concern in February 2023 versus 69% in October 2022. Millennials polled close behind with 76% saying they are concerned, 5% more than one year ago. Such concerns about food costs coincide with an increase in spending in this inflationary environment. In February, on average, consumers spent $164 per week on groceries, up from $148 in both October and February of 2022.

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FMI’s U.S. Grocery Shopper Trends survey also revealed:

• 68% of shoppers report spending more on groceries than one year ago;
•  7% say they spend less;
• Households with children reported the greatest increase in grocery spending year over year;
• 55% of those polled are concerned with rising prices at restaurants, up from 50% in October;
• Overall, shoppers report fewer channels—consumer food industry channels include retail supermarkets, club stores, mass retailers and online shopping—but more stores in their rotation, suggesting increased competition for shoppers’ dollars within channels;
• In February, shoppers visited on average 5.2 different stores, up from 4.9 in February 2022; Meanwhile, shoppers used 3.6 other channels per month, down from 4 in February 2022; and
• Online shoppers have reduced the number of online channels; while supermarkets and club channels have lost some of their online users, mass retailers have not.