Study: Consumers Outsmarting Higher Food Prices

There's not much consumers can do to avoid the distinctly higher prices they're faced with at supermarkets, but a new study from Deloitte shows they're not paying more without a fight.

"I was surprised to see that consumers are treating grocery shopping as a sport now," Pat Conroy, Deloitte's vice chairman and U.S. consumer products practice leader, tells Marketing Daily in an email. "They are no longer feeling like victims and instead have a mindset that "I can beat you at your own game when it comes to shopping in spite of you raising prices and decreasing package size."

He says it's very apparent that "2011 is different than 2008. Consumers are more savvy, more conscientious, and have more tools at their disposal to squeeze the most out of their spend."

The study finds that consumers are extremely aware of the shift in prices, with 88% of respondents saying that costs in food stores are escalating, and 74% say the size of some packaged goods is smaller.

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