As ongoing inflation has many being more cautious about their spending, the share of consumers making grocery purchases each month is on the decline.
By the Numbers
Research from the August edition of PYMNTS’ Digital Economy Payments study, “Digital Economy Payments: Consumers Buy Into Food Bargains,” which draws from a July survey of a census-balanced panel of 2,669 U.S. consumers, finds that the share of consumers who had made a grocery purchase in the previous 30 days fell to 83% from 87% in June.
See also: Consumers Stretch Their Spend to Keep Pantries and Wallets Full
The Data in Action
In an effort to retain consumers’ loyalty, grocers are boosting their private-label assortments to woo shoppers with lower-priced alternatives.
“Consumers’ household budgets are under pressure and household purchasing power is declining. Our brands are laser-focused on … helping them to manage their spending efficiently,” Frans Muller, president and CEO of multinational grocery giant Ahold Delhaize, told analysts on a call discussing the company’s second quarter financial results earlier this month. “[They are] expanding their high-quality own-brand assortments, introducing more entry-priced product solutions, and ensuring our highly tailored omnichannel loyalty programs offer competitive and attractive solutions across all customer touchpoints.”
Related news: Ahold Delhaize Turns to Private-Label Discounts, Prepared Meals to Combat Inflation
