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As food prices continue to rise, consumers are adapting to fit essential food purchases into their budget. And, according to a new report from Deloitte, their persistent frugality could soon pay off, driving costs back down.
Drawing from the findings of its State of Consumer Tracker, Deloitte identified six grocery behaviors with a strong connection to consumer frugality — half of those behaviors relate to how consumers are economizing and the other half represents what trade-offs they’re making.
In an effort to economize, many global consumers Deloitte surveyed in January reported limiting how much they buy:
Shoppers also said they’re making trade-offs to cut costs, opting for less expensive items so they can still get all the items on their list:
Though inflation seems to be loosening its grip, consumers surveyed in January said they’re being almost as frugal as they were five months prior. In time, this collective frugality may cost retailers and CPG brands their pricing power and ultimately reduce food inflation.
For more insights, see Deloitte’s full report.
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