Many Consumers are Feeling The Economic Impact of COVID-19
Source: Category Partners
Idaho Falls, ID – COVID-19 has changed nearly every aspect of daily life, and that includes the way Americans shop for groceries. For the last several weeks, the perishables industry has witnessed incredible changes in grocery shopping habits including unprecedented stock up trips that left store shelves empty, huge increases in year over year produce sales and significant shifts toward online grocery shopping. COVID-19 has taken a heavy toll on the American consumer. In addition to consumers’ concerns about their health and safety, many are also dealing with a decrease in their household income due to the closure of restaurants, services and other businesses deemed “non-essential.”
A recent study by Category Partners (CP) revealed that nearly half, 47%, of consumers have experiencia some type of economic loss due to the COVIC-19 pandemic, either job loss or a pay cut for themselves or their significant other. This change in their economic situation has spurred changes in their grocery shopping behavior, resulting in more and more consumers trying to stretch their food dollars further.
Seventy-nine percent of consumers surveyed said they are taking steps to save money on groceries, with 36% saying they are more often buying what is on sale. Nearly the same number said they are buying value packs (35%), buying more store brand items (34%), looking for coupons and other discounts (33%) and avoiding expensive items (32%). Additionally, nearly one-quarter have even switched stores, with 23% saying they are now shopping at lower cost stores.