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Price Increases Change Customer Behavior

Specialty Food Association

Four out of five consumers (83 percent) have noticed price increases in their commonly purchased groceries or household essentials in June and July, according to a survey by data and tech company Numerator. Sixty-six percent of consumers expect prices of these items to further increase in the next six months and over half (54 percent) are moderately or significantly concerned about the future price increases.

In response to inflation, 55 percent of customers said they have changed their shopping behavior in the past month. In addition, 90 percent of consumers plan to change their shopping behaviors with price increases.

The top three strategies that consumers use to manage inflation include switching to lower priced brands, pursuing promotions and discounts, and cutting back on discretionary spending.

"Over half of consumers have already changed purchasing behaviors in today's inflationary environment. Forward-thinking brands and retailers move at the speed of consumers so the time-to-insight is critical," said Eric Belcher, CEO, Numerator, in a statement. 

Related: Summer Cookout Prices Remain StableFood Costs Face Inflation.