NEW YORK, July 19, 2011 /PRNewswire/ – Pay more, get less. This is the scenario that’s increasingly playing out at grocery stores across the country — and a majority of food shoppers are taking note according to Deloitte’s new “2011 Consumer Food and Product Insight Survey.”
Nearly 9 in 10 survey respondents (87.7 percent)believe prices in food stores are escalating and almost three-quarters (74 percent) say the size of some packaged goods is smaller. Consequently, savvy consumers are purchasing more private-label and store brand products. More than three-quarters of respondents (75.3 percent) purchased lower-priced products and nearly 2 in 5 respondents (39.6 percent) added more private label products to their grocery bags.
High gas prices are also having an impact on shopping behaviors. Nearly 3 in 4 respondents (72.7 percent) are making fewer trips to the grocery store to save money and more than two-fifths (40.8 percent) are purchasing fewer items overall.
“Higher prices, smaller package sizes and pain at the pump are driving consumers to buy lower-priced grocery items,” said Pat Conroy, vice-chairman, Deloitte LLP and the U.S. consumer products practice leader. “That’s why now more than ever it is important for consumer products companies to strengthen their customer relationships and distinguish value ahead of the competition.”