USA TODAY International Edition
AMERICANS SAY THEY’LL SWITCH BRANDS OR SPEND LESS
Nervous shoppers are saying they’ll buy less or switch to cheaper brands this holiday season, as inflation remains high and more Americans worry about whether they’ll be able to hold onto their jobs. ● Among consumers, 70% say they intend to purchase less meat, seafood, or canned goods, a cheaper brand, or both, as the nation prepares for Thanksgiving and the winter holidays, according to an Ipsos survey conducted in mid- November.
Where are shoppers cutting back?
Roughly 7 in 10 Americans say they will buy a smaller amount or look for a cheaper choice when shopping for desserts and treats, while 68% intend to make the same changes when picking up frozen foods, 65% will try to save money when purchasing fresh produce, and 64% will make a switch or buy less when filling their carts with prepared foods.
American adults are even cutting back on booze, with half of those polled saying they plan to shrink the amount of alcohol they’ll purchase or pick up a less expensive alternative.
Is Thanksgiving more expensive?
In recent months, inflation hit a four- decade high and the American Farm Bureau Federation said the cost of items that typically make up a Thanksgiving meal is up 20% according to its annual survey of reports from volunteer shoppers.
Last month, the price of butter and margarine was up 34% as compared with last year, the biggest annual hike ever recorded, according to the Bureau of Labor Statistics. Other record breakers include flour and prepared flour mixes which cost 24% more, and frozen vegetables, turkey and other poultry which all were up 17%.
“Inflation is sort of a fancy term for people having to pay more for the same amount of stuff and I think that’s the reality that consumers are trying to grapple with. What we’re seeing is consumers trying to make adjustments where they can to account for all the places where they’re seeing high costs.”
Chris Jackson Senior vice president at Ipsos
Are consumers only worried about inflation?
Ipsos’ consumer confidence index found that 67% of Americans believe the economic situation in the U. S. is bad, while 33% say conditions are good.
Of those who think the economy is in tough shape, 40% say it’s only “somewhat bad,” highlighting how Americans are generally not as pessimistic as they were after the start of the COVID- 19 pandemic, or during the great recession of 2008, said Chris Jackson, senior vice president at Ipsos.
Prices also have begun to ease in the last couple of weeks, he adds. But as layoffs mount, Americans are growing increasingly worried about losing their jobs.
Among those surveyed, 46% said it’s “at least somewhat likely” they, a friend, or someone in their family will be laid off in the next six months, 5% more than the share of Americans who had the same concerns two weeks ago.