The snacking habits of Americans are undergoing changes due to rising prices, according to insights shared by Sally Lyons Wyatt and Darren Seifer at the SNAC International conference. Here are the key points highlighted in the article by Michelle Smith:
- Price Impact:
- Snack prices have increased by approximately 30% since 2019, outpacing wage growth for many consumers.
- Higher prices are prompting consumers, particularly those with lower-middle incomes, to adjust their snacking purchasing behaviors to align with their budgets.
- Consumer Behavior:
- Consumers are seeking better value and cost-saving strategies in response to rising snack prices.
- Strategies include purchasing smaller packages, value packs, and multi-packs from retailers like Costco to optimize convenience, cater to multiple household members, and manage portion control.
- Generational Trends:
- Younger generations, such as Gen Z, are shifting their spending from retail to quick-service restaurants as they engage less in home cooking.
- Higher-income households are redirecting snack spending towards quick-service restaurants due to their disposable income levels.
- Snacking Patterns:
- Consumers often prioritize healthier snacks at the start of the day to kick off their mornings on a positive note.
- Towards the end of the day, health considerations tend to diminish, leading to indulgence in treats like ice cream and sweets.
- Impact of Budgets:
- Budget constraints are influencing where consumers choose to purchase their snacks, as they seek options that provide value for money and align with their financial constraints.
The evolving snacking landscape reflects the need for consumers to adapt to changing economic conditions by making strategic choices in their snacking habits, balancing cost considerations with preferences for convenience, variety, and health consciousness.
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