adults, reveal that 60% of consumers have cut down on nonessential grocery spending due to rising prices and 45% have switched to cheaper grocery merchants. Findings from the recent “ Consumer Inflation Sentiment” study, which draws from a July survey of nearly 3,800 U.S.
Indeed, PYMNTS research supports that consumers are increasingly focused on purchasing only the basic food items.
In fact, restaurant brands that promise nutritious options are in an interesting position wherein, on the one hand, given their higher price point, they are in a difficult spot as consumers seek value, but on the other hand, consumers’ ongoing prioritization of health and wellness can help mitigate the impact of this trade-down.Įckles noted that consumers have been “switching gears” from viewing products in the health benefits as “something I want” to viewing them as “something I need,” a shift that Clean Juice and other comparable brands can leverage to remain part of consumers’ routines even as they cut back on costly indulgences. “The biggest challenge today is just how do we make sure that we are maintaining our guest count and that, when people do decide to spend money on food outside of their home, they’re coming to Clean Juice?” “Consumers are spending less money out, and so Clean Juice, as a consumer-driven business, we’re going to have fewer guests coming into our store,” Eckles said. In an interview with PYMNTS, Landon Eckles, the brand’s co-founder and CEO, laid out the situation. Quick-service restaurant (QSR) Clean Juice, for one, a USDA-certified organic juice bar chain with about 200 locations across the United States, is feeling the impact, as customers who may otherwise have sprung for a $13 juice begin to trade down to lower-priced alternatives. As food prices skyrocket and consumers become increasingly anxious about the looming recession, many are cutting back on unnecessary food spending, shifting away from dining out toward less costly food-at-home options and sticking to the essentials.
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