As increasing food costs continue to make headlines, consumer food buying behavior is reflecting tradeoffs they are making. A new report indicates affordability is in a dead heat with taste as the two most important purchasing considerations in meal planning, a development that is boosting the popularity of cooking at home and leftovers.
New research by agriculture insights and research firm Stratovation Group and food and agriculture communications agency Inspire reveals 39% of households are addressing rising food costs by eating at home more. Meanwhile, 36% are purchasing store brands and generic grocery items, and 32% are buying in bulk.
Almost half of respondents are making food last longer by stretching what they prepare into multiple meals, the research indicated. As such, companies supporting domestic food prep and food storage should get a lift from current consumer tendencies.
In other moves to cut food and beverages costs, 47% of consumers participating in the research said they are cutting back on alcoholic beverages, 40% on gourmet items and 39% on restaurant meals. About half of survey respondents stated that they eat at a restaurant once a week or twice a month, and eight in 10 order restaurant delivery at least once each month.
“Understanding the food value chain from farm to fork is essential in today’s food economy,” said Hinda Mitchell, president of Inspire. “Our research with Stratovation illuminates an important distinction: It’s no longer just about concerns related to rising food prices, it’s about how those concerns translate into decision making at retail and restaurants.”
