Thirty-six percent of U.S. families have skipped meals due to financial reasons in the last year, according to the latest Dunnhumby Consumer Trends Tracker report. The study found that 18-34-year-olds and 35-44-year-olds have the highest rate of skipping meals out of any age group, at 38 percent and 37 percent, respectively.
The research, part of The Dunnhumby Quarterly, is a strategic market analysis of key retail themes. More than 8,000 U.S. consumers were surveyed online across the four waves of this study.
Sixty-two percent of Americans indicated that they would have a hard time paying an unexpected expense of $400. Three-in-four consumers between the ages of 18-44, indicated the same, as did 72 percent of families.
“Over this year-long study, we have seen a very troubling trend of nearly a third of all Americans and nearly 40 percent of younger Americans, skipping meals due to financial concerns. And wave after wave, our research has also shown that 18-44-year-olds are at the epicenter of a food and financial insecurity crisis that shows no signs of abating,” said Matt O’Grady, president of Americas for Dunnhumby, in a statement. “Unfortunately, with the reduction in SNAP benefits, and the stubbornness of center store prices, there doesn’t appear to be relief in the short term for many Americans, especially those who are already food and financially insecure.”
Key findings of the report include:
• Americans believe the food-at-home inflation rate is 15 percentage points higher than the actual 7.1 percent annual rate measured by the U.S. Bureau of Labor Statistics.
• Oklahoma, Arkansas, Louisiana, Alabama, Tennessee, Georgia, and West Virginia continue to stand out for having the highest rate of food and financial insecurity in the country.
• More consumers are looking for deals, with 40 percent reporting they are shopping at different stores to find the best value, a nine percent increase from last year.
• Consumers have increased their omnichannel usage over the last year to optimize their grocery shopping: 28 percent of consumers now order groceries online for delivery, nine percent more than last year.
• Eighty percent of consumers use at least one grocery rewards program with 20 percent being light users, 44 percent being medium users, and 16 percent being heavy users.
• Over half of customers report social media sites have influenced their grocery purchases in-store or online.
“Consumers changing shopping behavior over the last year, including cross-shopping stores for the best prices and increasing their omnichannel behavior, has created an opportunity for retailers and brands to engage with them in a personalized way. Those that are able to understand the different needs of their customers and then deliver to them tailored content and offers that provide real value, will be able to drive customer loyalty in a very competitive environment,” said O’Grady.
Related: Big Brands Continue Raising Prices; Sugar Shortage Puts Candy Production at Risk
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