Americans are cutting back at the supermarket as inflation drives food prices to their highest levels in decades.
A new survey by Morning Consult says about a quarter of U.S. grocery shoppers purchased fewer items than usual last month, up from 15% last year.
Meantime, 8 in 10 shoppers are making an effort to save on groceries in the past month because of inflation.
"The most common cost-saving actions are comparing prices and buying generic or store brands instead of name brands. Consumers have consistently relied on these tactics, but recently a growing number have been employing a different approach: buying less overall," the survey noted.
Experts say customers are also cutting back on purchases of meat and clipping more coupons.
"This behavior is most common among people from lower-income households, who are more likely to have to stay within a monthly budget than higher earners. But those in the highest income range, earning at least $100,000 annually, are also 6 percentage points more likely to say they often buy less," per the survey.
Buying fewer items is a stark contrast to the pantry-loading seen during the early days of the COVID-19 pandemic, when many people consolidated purchases into fewer trips and stocked up to avoid possible exposure to the virus.
"Now, consumers are instead purchasing the necessities and waiting for sales or their next paycheck to purchase any item that won't be used before their next trip," the survey noted.
Grocery bills keep getting bigger and bigger -- even when shoppers are buying less. According to the latest consumer price index from the U.S. Bureau of Labor Statistics, the food at home index rose 13% percent over the last 12 months as prices for groceries continued to spike amid high demand and supply chain disruptions.
Cereals and bakery products saw the biggest hike of 16.2% over the year, followed by dairy and related products which increased by 15.9%. The remaining major grocery store food groups posted increases ranging from 9% (meats, poultry, fish, and eggs) to 15.7% (other food at home).
According to Morning Consult, shoppers are most concerned about the escalating cost of dairy, which has seen the steepest increases of any food category.
The survey also points out that increasing prices are not only resulting in shoppers purchasing fewer items, but also contributing to growing food insecurity among Americans.
"As shoppers buy less to save money, the share saying they are often or sometimes worried that their food will run out before they have enough money to buy more increased from 35% last October to 42% in September 2022," per the survey.
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