New Delhi [India], September 12 : With 63 per cent of consumers expressing concern over rising food prices, cost-conscious behaviour is on the rise, according to a recent survey report by PwC.
The report added that nearly half of those worried about food costs are changing their shopping habitsm, opting for different stores, discount outlets, and promotional deals to stretch their budgets.
Additionally, 44 per cent of respondents are buying in bulk, while an equal number have turned to growing their own food to counteract inflation.
The survey found that 74 per cent of consumers in the report stated that their food choices were deeply rooted in cultural heritage and longstanding traditions. This suggests that companies that provide functional heritage foods (e.g. aam panna and jeera-flavoured drinks) which appeal to culture, tradition and nostalgia will have an edge.
Globally, for consumers, value (price, promotional offers, rewards) is the most important factor when choosing food items. In India, however, quality (i.e. taste of product) dictates which food items consumers are going to buy. Indeed, 40 per cent of consumers ranked taste among the top three factors when selecting food items, while 39 per cent ranked price, and 38 per cent listed high nutritional value as their top three decision-making factors.
PwC says that about 84 per cent of consumers surveyed were extremely or very concerned about food safety. Respondents also expressed concerns over ultra-processed foods, pesticide use, and the levels of additives and preservatives in food.
Health benefits, including higher nutritional value, were in fact cited by consumers as the primary driver for switching brands, followed by better taste and better value for money. Interestingly, half of the consumers believe that food producers and manufacturers are responsible for incentivising healthy and nutritious eating.
The report further added that more than 70 per cent of consumers have used supermarkets for grocery shopping in the last year, 60 per cent have used local retailers, and 55 per cent have used an on-demand grocery delivery platform. Moreover, 46 per cent are buying ready-to-eat meals, 41 per cent are ordering takeout, and 38 per cent are eating out at least once a week.
According to the report, dining out is set to become more pocket-friendly due to the implementation of the GST (Goods and Services) reforms.
The GST on restaurant meals has been standardised at 5 per cent, a reduction from the previous tiered rates of 12 per cent to 18 per cent, which varied by restaurant category.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor