Although inflation is moderating, U.S. consumers are still managing higher food costs. They’re shopping at value retailers, spending less on non-food purchases, switching to store brands, and canceling committed expenses (like subscriptions), according to Circana, formerly IRI, and The NPD Group.
These data providers report that during the 12 months ending March 2023, foodservice costs were 4.3 times more than the cost of at-home eating occasion. The average cost of an at-home meal purchased from retail was $1.78, and $7.48 away from home. Not surprisingly, 86% percent of annual eating occasions are sourced from grocers and other retail outlets. This supports data that reflects that at-home spending remains a more significant portion, 60%, of food and beverage sales, reports Circana.