Lower-income Households Hardest Hit by Inflation, Stretch Their Food Dollars and Significantly Cut Back on Restaurant Visits
Retrieved on:
Wednesday, August 24, 2022
APAC, Research, IRI (company), Eating, Food science, Meal, NPD, Sport, Book, The NPD Group, Snack, Beauty, Drink, Population, Twitter, Video, IRI, Flour, Income, Convenience food
CHICAGO, Aug. 24, 2022 /PRNewswire-PRWeb/ -- Historically, the spending gap between higher- and lower-income households is more pronounced in times of high inflation. With food inflation at a 40-year high, the gap has widened again, and lower-income households are shifting their at- and away-from-home eating behaviors to stretch their food dollars. Eating more frozen and shelf-stable foods, using less expensive and private label brands, and cutting back on restaurant visits, are among the ways lower-income households are managing their food spending, reports The NPD Group, which recently merged with Information Resources, Inc. (IRI) to create a leading global technology, analytics, and data provider.
Key Points:
- With food inflation at a 40-year high, the gap has widened again, and lower-income households are shifting their at- and away-from-home eating behaviors to stretch their food dollars.
- Single-serve frozen meals are a top growing at-home food for lower-income consumers, and these households eat 100% more canned pasta than average.
- Lower-income households also stretch food dollars by buying less expensive or private label store brands.
- Under $45K households with kids cut back five visits per person in the quarter, driving the overall 2% decline in total restaurant visits in the quarter.