Circana: Consumers Keeping Close Eye on Food Spending, Opting for Lower Cost, Value
Consumer insights firm Circana reported that U.S. consumers are managing higher food costs by shopping at value retailers and capping their spending on non-food purchases, among other methods.
Circana’s findings follow the April Consumer Price Index (CPI), which saw inflation moderate overall, but food prices rise by 7.7% between April 2022 and April 2023. Circana noted that alongside the rise in food prices, consumers are faced with credit debt, depletion of savings built during the pandemic and cutbacks on credits and...
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