The Food Institute: Amid Inflation, Consumers Have a Beef with Beef Prices
CHANGING SHOPPING HABITS
Data from the Angus Reid Institute show 80% of consumers have adjusted their shopping habits, looking for less expensive food items overall, not just alternatives to beef.
The 84.51° June Consumer Digest Survey found 33% of shoppers saying they’re buying less meat and fish. And though chicken purchases are down 5% from last year, other meats and fish are off as much as 20%. Kroger said it found shoppers are buying 36% less meat and fish, and 21% of lower income households are turning to more frozen foods, compared with just 12% of higher income households.
And it’s not just consumers. Aaron Thomas, co-founder, co-owner and head chef at Nine Mile Asheville in Asheville, North Carolina, said margins are being squeezed at his Caribbean-inspired restaurants.