It’s been over a year since prices began to rise at a pace not seen in over four decades, and Americans continue to spend more on basic necessities, the most important of which is food.
A new survey from The Food Industry Association (FMI) has found that food prices are still a top concern for Americans, with 80% of Boomers and 76% of Millennials worrying about how much they are paying to eat.
The report noted that data shows consumers spent an average of $164 per week on groceries in February, a number that was $148 just three months prior in October 2022.
Instead of cutting back on the food consumers are buying, the poll noted they are instead looking for better deals and going to more stores to do so.
The data presented in the survey found that shoppers shopped at an average of 5.2 stores in February, up from 4.9 last year.
Leslie Sarasin, the president and CEO of FMI, echoed this sentiment in a press release, saying that FMI’s national survey shows consumers’ concern about grocery prices is likely to continue.
“To address higher prices, shoppers are visiting more stores and seeking deals to stretch their dollars but are now less likely to cut back on the number of items purchased compared to six months or a year ago,” Sarasin said.
The report found that shoppers are continuing to spend their money at big box stores and supermarkets, with 80% of respondents saying they have shopped at a supermarket recently and 73% reporting having spent money at a mass store recently.
The poll also found that 68% of shoppers report spending more on groceries than they did a year ago, compared to 7% who say they spend less.
Even with higher prices keeping concerns high, only 32% of respondents said they purchased fewer items at the store in February.
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When it comes to who is feeling the pain of higher prices the most, families with children “reported the greatest increase in grocery spending year over year” compared to any other group, the report said.
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