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Consumer Grocery Trends Shift Towards Value and Convenience Amid Inflation, FMI Report Reveals

May 2024

Latest News - Market News

Consumer Grocery Trends Shift Towards Value and Convenience Amid Inflation, FMI Report Reveals

May 2024

Consumer grocery trends continue to evolve as shoppers increasingly focus on value-driven propositions and convenient meal solutions, according to new data from FMI – The Food Industry Association. The report, titled “US Grocery Shopper Trends: Finding Value,” draws on responses from over 2,000 primary shoppers in the United States to provide insight into consumer behaviors and sentiments amidst inflationary challenges.

Despite 91% of shoppers expressing concern over rising prices and altering their shopping habits, only 32% are purchasing fewer items. Even fewer shoppers are cutting back on key food categories, with only 15% reducing their purchase of organic products and 14% cutting back on fresh products, as explained by Leslie G. Sarasin, president and chief executive officer of FMI.

“FMI's national survey found that grocery shoppers’ concerns about inflation have stabilized in recent months, illustrating how resilient consumers are when it comes to food shopping,” Sarasin stated. “To manage higher prices, shoppers are increasingly prioritizing getting good value, which involves focusing more on quality and optimizing purchases for personal enjoyment, convenience, and waste-reduction at home.”

The report highlights a significant increase in the popularity of quick meal options, particularly those that can be prepared in under half an hour. According to FMI, 32% of shoppers now spend less than 30 minutes preparing meals at home, up from 18% in 2020. Additionally, 75% of shoppers spend less than an hour on meal preparation, compared to 63% in 2020. This trend aligns with a previous FMI report, which found that nearly 60% of consumers’ midday meals and 65% of morning meals are prepared in less than five minutes.

“In recent years, food retailers have innovated around solutions that range from meal kits and partially prepared options to ready-to-eat meals,” FMI stated. “There is a tension, however, between shoppers’ desire for more efficient and enjoyable ways to prepare and cook meals and their desire to retain control and engagement in the process.

“Shoppers feel the best way retailers can support them is by providing better value food options and more variety in easy-to-prepare foods, rather than weekly meal plans or simply more partially prepared options.”

In addition to convenience, the report notes a growing consumer emphasis on health claims. Shoppers are frequently seeking products that avoid negatives (62%), such as low sugar, low sodium, or low fat. Other sought-after attributes include minimal processing (47%), good sources of fiber (31%), and ethical practices (24%).

The findings from FMI underscore a clear shift in consumer priorities towards value and convenience, driven by ongoing economic pressures. As shoppers navigate the challenges of inflation, they continue to adapt their habits and seek out products that align with their evolving needs and preferences.

foodbusinessnews.net

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