According to FMI: The Food Industry Association, shoppers are more concerned about the cost of gas, housing, groceries, and holiday gifts than a year ago despite the lower inflation rate. Nearly 1,600 shoppers surveyed for the 2024 U.S. Grocery Shopper Trends Holiday Season Report showed that they are concerned about food prices but still feel in control of grocery budgets.
Many use strategies to manage costs, such as hunting for deals, buying store brands, and shopping multiple stores to mitigate their worry about rising prices.
“As we approach the holiday season, we’re seeing many shoppers who are prepared to manage their holiday expenses very strategically with their spending focusing on special meals and holiday essentials while being mindful of their budget constraints,” said Steve Markenson, vice president of research at FMI.
Despite shopper concern, inflation in 2024 is about one-tenth of the inflation in 2023. Grocery expenses have been about $158 a week per average household for the last 21 months, he added.
Food prices increased about one percent in 2024, according to the Consumer Price Index. Egg and meat prices have increased, fruit and vegetable prices softened and there was some dairy price relief.
The full report can be found here.
