Consistent frugal behaviors by enough people can force retailers and manufacturers to keep prices, and profit margins, in check. But a new longitudinal study by Deloitte found not everyone is curtailing their spending.
It's not just the Federal Reserve that can fight inflation — consumers can, too, by changing their buying habits, Deloitte researchers say.
People are also reading… "That pressure should be making less expensive foods more popular and taking the price level down, not up," said Mark Bergen, the James D. Watkins Chair in Marketing at the University of Minnesota's Carlson School of Management. When consumers widely choose higher-priced items when lower-priced alternatives exist, companies can keep prices high and potentially push them higher.
Any indication that shoppers are refusing, en masse, to accept price increases could push that number down. More consumers than ever are paying attention to food waste — using everything they have at home and buying fewer extras, Renner said. That's especially true for lower-income Americans, who were already"trading down" from name brands to store brands and sticking to necessities even before inflation accelerated.
Sales of store-brand foods rose 11% last year compared to a 6% gain by name brands, according to the Private Label Manufacturers Association.
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