Effects of rising prices: purchasing behavior could change profoundly

Effects of rising prices
Buying behavior could profoundly change

As early as January, a GfK survey shows people are worried about rising food and drink prices. According to the market research company, there are now clear signals that people are not shopping like they used to.

The massive increase in food prices is causing problems for many consumers. “People are willing to pay a little more for their favorite products. But that has to be compensated for elsewhere. It’s become much more difficult,” said retail expert Robert Kecskes of the market research firm GfK, describing the effects of the current price. increased.

In a GfK survey of 1,000 consumers in January, 77% of people were concerned about rising food and drink prices. And nearly half of them said price increases would affect their buying behavior. Kecskes is convinced that the proportions are now even higher given the war in Ukraine.

In fact, according to GfK, there are now signs that the buying behavior of people in Germany could fundamentally change. After strong growth in the food trade during the corona pandemic, industry sales in the first two months of this year were 4% lower than the previous year’s level, according to market research figures GfK.

For the first time since the pandemic began, people used cheaper products more frequently in February, Kecskes reported. The market share of retail brands has increased significantly – at the expense of branded products. Also, for the first time in a long time, discounters took a small market share from supermarkets in February.

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