Nearly Two-Thirds of Consumers Are Uncertain About Their Ability to Afford Food
As food costs rise and the economy heads for a recession, many consumers are becoming anxious about whether they will be able to keep food on the table.
By the Numbers
According to data from PYMNTS’ recent “Consumer Inflation Sentiment” study, which draws from a July survey of nearly 3,800 U.S. adults, only 37% of consumers agree with the sentiment: “I have no worries about how to afford food or basic needs for me and my family,” leaving nearly two-thirds with at least some anxiety about feeding themselves and their family.
Get the report: Consumer Inflation Sentiment: July 2022 — Consumers Pull Back and Prepare for the Long Haul
The Data in Action
Noting consumers’ food cost anxieties, many major restaurant brands have been investing in value offerings and special deals. Domino’s, for instance, announced a limited-time deal in June offering 50% off pizza for digital orders, and the same day, drive-in brand Sonic’s announced the addition of new value-centric menu items.
See also: Domino's, Sonic, Other Brands Launch Deals to Woo Inflation-Concerned Consumers