Americans cutting back on food purchases
November 6, 2008
Nearly six out of 10 Americans are buying less food due to increasing prices, according toThe 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.