JACKSONVILLE, Fla. — Supermarkets need to find ways to meet the shrinking budgets of young and old shoppers, singles and families, according to the latest iteration of Acosta Sales & Marketing's “The Why Behind the Buy” consumer survey, released today.
Despite rising prices, the average American is spending 7% less each month on groceries and $94.60 on a routine trip, compared to $98.70 in 2010.
Households earning less than $75,000 are reducing budgets 10% or more, while higher income shoppers are spending up to 34% more, since many remain loyal to brands tied to higher premiums this year, according to Acosta.
More than half of Americans (53%) are paying more attention to what they buy at the grocery store, 43% are buying less food, 41% are taking advantage of sales/coupons and 22% are shopping at less expensive stores.
Grocery spending is also affected by trip frequency slowed by higher gas prices. The average shopper will make fewer grocery trips when the price of gas reaches $3.70 per gallon, the survey found. Last week's national average was $3.75.
“It really is a double whammy,” noted Robert Hill, chief executive officer of Acosta.
As prices continue to inch up, retailers and manufacturers need to figure out how products once purchased on secondary trips can get into the primary shopping basket. Otherwise, shoppers may go without.