As the cost-of-living crisis grinds on with no apparent sign of it easing, market researchers Tastewise’s recent survey has shown that one in three households are buying less food as a result.
After surveying 70,000 people to learn about how shoppers are managing, the research found two in three households are switching to less expensive brands and products, while nearly a fifth buy in bulk on promotion. A tenth of those surveyed said they had ceased dining out, opting instead to cook at home.
But rising food costs have also been shaping where consumers shop, with 70% now preferring online or delivery services. Surprisingly though, just 1% report shopping at discount stores or budget outlets, underscoring a shift from traditional cost-saving channels perhaps.
In terms of grocery categories, over 40% of those surveyed said coffee and alcohol have seen the most striking price increases. Fresh food followed closely, with 39% noticing sharp price increases here. Similarly, 34% of respondents pointed to protein rich items such as meat, fish and eggs as significant contributors to rising bills.
Alon Chen, CEO and co-founder of Tastewise, said: “Rising food prices are reshaping the way consumers shop, with a 14% year-on-year increase in those seeking affordable options and a clear shift toward prioritising value over brand loyalty.
“In this context, own label products offering competitive price points are gaining traction, creating a significant opportunity for retailers. For food and beverage brands, offering value-driven solutions is essential to meeting consumers’ growing need for affordable options.”
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