Consumers Eat More Meals at Home, Bargain Grocery Shop, Use Restaurants Less to Offset Rising Costs
IRI and NPD report that at- and away-from-home food market is forecast to grow 8% in 2022
While inflation is more moderate for food away-from-home (7.6% versus a year ago*) compared to food-at-home (13.1% versus a year ago*), the typical away-from-home eating occasion still costs 3.4 times more than in-home food sourced from retail. To offset rising food costs, consumers are bargain hunting when grocery shopping, eating more meals at home and cutting back on restaurant visits, reports Information Resources, Inc. (IRI®) and The NPD Group (NPD), which recently merged to create a leading global technology, analytics and data provider.
The nearly $1.5 trillion at- and away-from-home food market is forecast to grow around 8% in 2022, with at-home food (8.7% sales growth versus a year ago) outpacing away-from-home (6% versus a year ago), according to IRI’s and NPD’s inaugural joint research. The research offers the first-ever comprehensive view of the Complete Food™ market, examining how consumers buy and consume food at home, use restaurants and foodservice outlets and uncovers new insights about consumers’ trade-offs to save money and splurge in the current inflationary environment. The research forecasts the Complete Food market to grow by 3-5% in 2023.