Consumers Expect to Pay More for Groceries
A new survey finds consumers expect to pay more for groceries this year. Progressive Grocer reports the 2023 KPMG Winter Consumer Pulse Survey shows consumers anticipate increased prices, but are looking for ways to save money. The Survey shows consumers expect a 15% increase in grocery spending this year. Meanwhile, 56% of consumers plan to spend more on groceries this year, while nine percent plan to spend less.
Consumers cite inflation, an increased tendency to eat at home, larger household sizes and dietary changes as reasons for spending changes. KMPG research also finds 38% of consumers plan to pay more for restaurant meals this year, a two percent increase from last year. However, 35% of consumers say they plan to spend less on purchases made online this year, yet nearly half of the respondents reported an average increase in household income of 15%.
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