During tenuous economic times, consumers change their ways to make ends meet. The Hartman Group, in collaboration with the National Research Network (NRN), has been keeping a close eye on how consumers are changing their shopping habits. The result of their scrutiny, an NRN report titled “Consumer Cutbacks in Today’s Soft Economy,” reveals that consumers often cut back on food to provide immediate relief to their bank accounts.
According to the report, one in two families (51%) have cut back on buying and preparing some types of food or dishes to save money. Some 43%, for example, are buying fewer organic foods. Other budget-tightening moves include buying sale items in bulk, and buying milk and eggs from local farms.
The report also touches on a category called “necessary indulgences,” which indicates consumers aren’t ready to live on bread alone. According to the report’s findings, once premium ingredients have become part of a consumer’s lifestyle, they’re not willing to give it up completely, they’ll likely just buy less of it.