Rising Food Prices Shift Consumer Priorities in India

A recent PwC survey reveals a significant shift in consumer behavior due to rising food prices. An overwhelming 63% of consumers expressed concern over escalating costs, leading to a surge in cost-conscious shopping habits. Nearly half are changing stores, opting for discount outlets, and seeking out promotional deals to make their budgets stretch further.

The survey also uncovers a trend towards self-sustainability, with 44% buying in bulk and an equal number resorting to growing their own food to mitigate inflation. Interestingly, 74% of respondents stated that their food preferences are deeply tied to cultural heritage, suggesting that companies offering heritage-based foods could gain a competitive advantage.

Globally, value remains the top determinant in food selection, but in India, 40% of consumers prioritize taste. Despite price and nutritional value being key factors, about 84% of respondents are extremely concerned about food safety. The report also notes an increased reliance on supermarkets and local retailers, with changing habits anticipated to further shift as dining out becomes more affordable due to a standardized 5% GST on restaurant meals.

(With inputs from agencies.)