Grocers, c-stores, bodegas, and specialty retailers can benefit from more people cooking at home due to inflation. While consumers are quick to cut back in other areas, food is always going to be a necessity.<\/p>\n
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34% of consumers have cut back on dining out due to higher prices and 44% said they are cooking more at home, according to NielsenIQ FMCG Retail Management data.<\/span><\/strong><\/a><\/p>\n <\/span><\/p>\n With more people aiming to cook at home to save money, grocery stores and other specialty food retailers become the main source for food spending for consumers. <\/span><\/p>\n <\/p>\n Total retail and food services sales are at $7.44 trillion with the average household spending around $8,289 annually on food,<\/span><\/strong><\/a> according to Statista. According to Morning Consult, during times of inflation, consumers do aim to cut costs down in three simple ways\u2026<\/p>\n <\/p>\n <\/span><\/span>1.<\/span> Swapping out name brand goods for generic or store-brand <\/a><\/strong><\/span> <\/span><\/strong><\/p>\n <\/span><\/strong><\/p>\n With more people swapping to store brand to save money, retailers can ramp up marketing efforts to promote store-brand items. Consider putting up a few displays of store-brand goods around the store, promoting these items in your store\u2019s weekly\/monthly ad or print marketing, and offering special sales\/promos for these items. This will bring more consumers into your store as well as benefit you since they are buying your brand. <\/span><\/p>\n <\/span><\/p>\n While inflation can benefit food sales, it does have harmful impacts on consumers. <\/span>While 70% of consumers say they are still willing to pay more for organic, natural, or GMO-free products,<\/span><\/strong><\/a> rising prices create larger issues for those who can\u2019t afford to keep up. Although healthy, top-quality, nutritious foods are a top priority for many consumers, several families must prioritize more budget friendly options over more expensive options like organic, natural, or GMO-free products. <\/span><\/p>\n <\/span><\/p>\n Food insecurity also becomes a large issue, as <\/span>42% of shoppers say they are sometimes or often worried that their food will run out before they can afford to buy more.<\/span><\/strong><\/a><\/p>\n
2.<\/span> <\/span>Trying to buy fewer items <\/a><\/strong><\/span>
3.<\/span> <\/span>Comparing prices between retailers<\/a><\/strong><\/span><\/p>\n