Target Corp.’s food and beverage unit continues to serve as an engine for growth, recording 20 straight quarters of market share gains, said Brian Cornell, chief executive officer for the company.
It’s no surprise to hear that shoppers are worried about inflation and are changing their buying habits accordingly, Jonna Parker, principal of the Fresh Center for Excellence at IRI, said in a recent IRI-sponsored webinar.
While consumers continue to cut costs at the store amid rising prices, over half are willing to pay a premium for food that contributes to their health, according to recent data from Deloitte.
Indulgent foods, including chocolates, confectioneries, savory snacks and ice cream, are likely to see a notable dip in retail sales as a result of inflation, according to market research firm GlobalData.
A handful of plant-based categories are seeing an uptick in adoption, but a much larger portion are seeing declines in penetration, according to data from the Brightfield Group.
The rising costs of goods continues to shape consumers’ decisions as they choose to eat in and spend less at the store, according to recent data from recently merged market research firms IRI/NPD.
As seen since this spring, high prices on fresh seafood continue to dampen sales. Inflation on overall fresh seafood rose 10.9% on average per unit in June, according to IRI and 210 Analytics.