Americans cutting back on food purchases
November 6, 2008
Nearly six out of 10 Americans are buying less food due to increasing prices, according to The 2008 Hormel Hunger Survey. Two-thirds of Americans say they are losing economic ground as inflation outstrips any increase in income, and 47% of Americans are struggling more this year than last year to pay their bills. Private label products are experiencing rapid growth, as consumers are looking to save money, according to a Nielsen survey. Overall dollar sales of store-brand consumer packaged goods in the United States were up by 10.1% to $80.3 billion for the year ended in September.