Like most American shoppers, I have adjusted some of my shopping habits as inflation and product availability have affected many of our household favorites. In fact, July data from Information Resources Inc. (IRI) shows that prices for food at-home rose 1.2% from the end of June to the end of July, and 14.4% year-over-year as of July 31.
“Consumers are responding to rising prices by shopping promotions, prioritizing value options, and trading down to avoid going without,” said Krishnakumar (KK) Davey, president of Thought Leadership of CPG and Retail for IRI, in a statement. “We are advising our manufacturer clients to deploy all levers of strategic revenue management, prioritize strong in-market execution, and invest in retailer partnerships to ensure that the right products are available in the right places at the right times. Additionally, retailers must have the tools to quickly adjust to changes in consumer preferences to ensure they are offering the right assortment at price points that appeal to price-sensitive shoppers as well as their most valuable customers.”