More than half of American households say grocery prices are straining their budgets, according to a nationwide survey by marketing research company Decision Analyst Inc.
The firm, based in Dallas/Fort Worth, Texas, recently conducted a study titled “Consumer Foresight: Beyond The Pandemic, Into Economic Uncertainty.” Among the study’s areas of focus was the effect of inflated grocery prices on consumers.
Asked how they were dealing with the higher prices, 57 percent of respondents said they were buying less food, 52 percent said they were buying less expensive store brands and 48 percent said they were buying less expensive national brands. Thirty-seven percent of respondents said they were shopping at less expensive grocery stores.
When asked about specific shopping strategies, 44 percent said they used a store’s coupons and 38 percent said they shopped at multiple stores to compare the best deals. Thirty-two percent of respondents said they used manufacturers’ coupons, and 36 percent said they used a loyalty program to get discounted prices.
“In 2022, inflation hit American consumers in a way most had never experienced,” said Felicia Rogers, EVP at Decision Analyst.
“Rising costs had a notable impact on nine in 10 households. Not only were people forced to take a hard look at their discretionary spending, but about half of households in the U.S. had to make hard decisions about essentials like groceries, transportation and health care. There’s no question 2022 was a tough year. All eyes will, no doubt, be on the economy and how it impacts consumer spending this year.”
“Consumer Foresight: Beyond The Pandemic, Into Economic Uncertainty” was a nationwide survey conducted six times in 2022. Every other month, it surveyed about 1,000 consumers balanced by gender, age and geography.
Founded 45 years ago, Decision Analyst Inc. is a privately-owned marketing research and analytics firm. Serving clients around the world, it specializes in strategy research, new product development, advertising testing and advanced modeling for marketing decision optimization.