In its most recent consumer sentiment and behavior survey, food industry research firm Technomic, Inc., found that 84 percent of consumers believe that grocery prices have risen in the past three months and 62 percent believe restaurant prices have risen.
Bob Goldin, executive vice president of Technomic, believes that the rapid rise in fuel prices, now at record highs, has raised consumer sensitivity to price increases in grocery stores and restaurants.Goldin said, “Consumers are deeply concerned about the price of gas, which they expect to continue to rise. As a result, they are very likely to reduce their spending on groceries and restaurant meals and increase their reliance on coupons and deals.”
By keeping up with industry trends, industry suppliers can bring current issues and potential solutions to their customers. For example, Goldin noted that consumers have become more aware of total value, of which package/portion size is a key component. He urged food and restaurant companies to be sensitive to the risks of downsizing.
As part of the survey, Technomic found that 50 percent of consumers believe packaged food sizes have gotten smaller and 32 percent believe the same thing has happened with restaurant portions.
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