Consumer Spending Habits See Shift
We’ve heard it again and again…food is expensive right now! With that underlying reality, a shift in consumer spending habits took me by surprise. No, it’s not a shift towards more PB&J sandwiches, generic canned soups, or other more economic choices. As a nation, we’re spending more money outside of the home.
Danny Munch, American Farm Bureau Federation Economist…
“Spending away from home surpassed food at home spending by over 300 million last year, the largest gap ever. The biggest categories there are full-service restaurants at about 34 percent of spending away from home and quick service restaurants at about 34 percent of food away from home. Food sold at merchandise stores and vending machines have gone up with the largest increase for food spending away from home.”
The data Munch is discussing is coming from the USDA’s Economic Research Service’s Food Expenditure Series.
Along with an increase in spending away from home, we’re also seeing a shift in where purchases for food at home are made with an increase in shopping at warehouse clubs and super centers as well as home delivery. We’ll dive into those changes as well as regional trends as we continue covering consumer spending habits this week in your Southeast Regional Ag News.