U.S. food shopping behavior - statistics & facts
In recent times, the rising cost of living, driven by inflation, has had a significant impact on the price of food and beverages. Indeed, high inflation can lead to reduced purchasing power, as prices tend to rise before wages, and those without alternative investments or living on a fixed income see their purchasing power shrink. The average price of a basic food basket in the United States has risen sharply in recent times, and there has been an increase in the number of people refraining from making purchases at the grocery stores due to rising prices. Furthermore, a phenomenon known as shrinkflation has gained prevalence, where products experience a combination of rising prices with a reduction in weight or size. This has forced consumers to modify their purchasing behavior not only in terms of the best bargain but also in terms of quantity. To combat both inflation and shrinkflation, one approach taken by consumers is switching to private labels, which provide a low-cost but often similar quality alternative to other brands and may potentially see increased sales as a result.
