New Survey From Mondelēz Shows People Will Buy Snacks Regardless Of Inflation
Numerous factors led to a volatile 2022, particularly when it came to financial issues. According to The Guardian, inflation rose to a staggering 9.1% in the United States due to supply chain issues, the war in Ukraine, and lingering effects caused by the pandemic. And while rates have decreased since hitting this record high (which hasn't been experienced since the '70s), the Federal Reserve seems to believe that inflation will continue to be a challenge in 2023, based on its desire to continue increasing interest rates.
While food prices are not included in core inflation rates, per Marketplace, food costs have also been on the rise. The USDA Economic Research Service lists the prices of food staples and their cost increases, which point to economic troubles for consumers. For example, the cost of eggs rose by 30.5% and 31.5% in 2022, while poultry is 14% and 15% greater than the previous year. Other staples, such as baked goods, cooking fats and oils, and vegetables have also risen dramatically.
But despite these increases putting the financial crunch on American families, there is one food sector that's holding steady.
Money woes won't stop consumers from snacking
While it might seem like non-essential items, such as snacks, would be the first to go during times of economic strife, a report conducted by Mondelēz International found that wasn't the case. The food company, which owns popular brands including Cadbury, Chips Ahoy, and Triscuit, found that consumers put an emphasis on snacking even when faced with financial constraints in 2022. Of those polled, 75% said they "always find room in their household budget for snacks." Additionally, 61% of people will search high and low for their preferred snacks, while 67% said they would decrease the number of snacks they buy to avoid purchasing generic versions.
This dogged commitment to snacking is also illustrated by the frequency in which people indulge. Of those polled, 71% claimed to enjoy snacks at least twice per day. Some people even eat snacks in place of meals on a regular basis, according to 55% of survey respondents. There's also some indication that people may be using their favorite snacks to cope with an uncertain and unpredictable world, with 78% responding that "moments of indulgence" are more vital than ever.
A separate 2022 survey from Frito-Lay found that consumers of all ages enjoy crunchy snacks (via PR Newswire). Inflation or not, snacks are still a priority for consumers.