Soaring food prices have many consumers rethinking their dining habits, shifting from dining out to less expensive food-at-home alternatives.
By the Numbers
Findings from PYMNTS’ study “Consumer Inflation Sentiment: July 2022 — Consumers Pull Back and Prepare for the Long Haul,” which drew from a July survey of nearly 3,800 U.S. adults, revealed that 77% of consumers are shifting to eating more at home instead of at restaurants in response to inflation.
The Data in Action
Noting this trend, grocers are looking to gain share from restaurants by offering more cost-effective ready-made meal options. For instance, Ahold Delhaize — parent company of a range of popular brands including Albert Heijn, Giant, Stop & Shop and more — shared on a call with analysts earlier this month that Maine-based subsidiary Hannaford has been promoting its “assortment of affordable ready meals” as the company’s other brands advertise their own meal alternatives.