Rising food prices will affect the types of food products 85 percent of consumers are willing to buy, according to a new global study by Nielsen. In addition, 65 percent of the nearly 30,000 online consumers in 58 countries surveyed said that rising food prices would affect how often they dine out.
In related news, China's annual consumer inflation rate rose to a seven-month high of 3.1 percent in September. Droughts and floods in some areas led to a food price hike of 6.1 percent, compared to the previous year.
In the Nielsen study, 59 percent of those surveyed said they would buy fewer products such as candies, cookies and other sweets; 58 percent said they will buy fewer chips and other snack foods; 53 percent will cut back on carbonated beverages; 49 percent plan to reduce alcoholic beverage purchases; 48 percent will buy fewer prepared meals; and 45 percent plan to buy fewer convenience foods.
Still, a whopping 68 percent said they had no plans to change their spending on dairy products. In addition, 62 percent don't plan to change how much they spend on meat and poultry; 60 percent won't alter bread and bakery goods' purchases; and 55 percent won't change their packaged foods purchases.
Instead, 14 percent said they plan to buy more unpackaged, unbranded cereal such as wheat, rice and grains. Another 11 percent will buy more fresh or frozen fruits and vegetables, and 8 percent plan to buy more canned fruits and vegetables.
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