And the survey says: We’re planning to pay more for groceries. That’s coming up on This Land of Ours.
A new survey finds consumers expect to pay more for groceries this year. Progressive Grocer reports the 2023 KPMG Winter Consumer Pulse Survey shows consumers anticipate increased prices but are looking for ways to save money. The survey shows consumers expect a 15 percent increase in grocery spending this year. Meanwhile, 56 percent of consumers plan to spend more on groceries this year, while nine percent plan to spend less.
Consumers cite inflation, an increased tendency to eat at home, larger household sizes, and dietary changes as reasons for spending changes. KMPG research also finds 38 percent of consumers plan to pay more for restaurant meals this year, a two percent increase from last year. However, 35 percent of consumers say they plan to spend less on purchases made online this year, yet nearly half of the respondents reported an average increase in household income of 15 percent.
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Consumers Tamp Down Optimism on Grocery Spend
New survey from KPMG reveals that shoppers expect to shell out more for essentials in 2023
Lynn Petrak, Progressive Grocer Senior Editor
Consumers, who have adapted to a lot of transformational change over the past few years, are getting good at it. That’s one conclusion from the “2023 KPMG Winter Consumer Pulse Survey,” which shows that consumers anticipate additional hikes in grocery prices but are actively and successfully looking for ways to save money.
According to the survey, consumers expect a 15% increase in their grocery spend in 2023. More than half (56%) think they will spend more on groceries this year, with only 9% indicating that they plan to spend less.
In other sectors, 31% of consumers report that they will spend more on personal care products in 2023 versus 17% in 2022. Expectations in foodservice are holding steady, as 38% think they will pay more for restaurant meals in the months ahead, a 2% increase from last year.
Given consistent inflation, shoppers are changing their habits. For example, 35% reported that they intend to spend less online across all categories this year, compared to 16% who felt that way in winter 2022. Many respondents are reining in spending in …..
Read the full Consumers Tamp Down Optimism on Grocery Spend release here.
Sabrina Halvorson
National Correspondent / AgNet Media, Inc.
Sabrina Halvorson is an award-winning journalist, broadcaster, and public speaker who specializes in agriculture. She primarily reports on legislative issues and hosts The AgNet Weekly podcast. Sabrina is a native of California’s agriculture-rich Central Valley.