A recent article in the Wall Street Journal reported that in the final quarter of 2008, consumers drastically decreased their food spending. Sales and profits, along with stomachs, no doubt, have been hit hard by the sudden descent.
According to the data gathered by the Commerce Department’s Bureau of Economic Analysis, food spending during this time fell at an inflation-adjusted 3.7%, the largest drop since the government began keeping records decades ago.
The drop is assumed to come from purchases such as generic brands over brand names or cheaper cuts of meat, opting for the the lower-cost alternatives. The department is also assuming that consumers are increasingly willing to eat what they already have; in other words, raiding those canned goods stored at the back of the pantry.
Obviously people haven’t stopped eating, but instead are exploring options that will save them some cash, whether its shopping for sales, choosing lower-priced store-brands, or shopping at wholesale destinations, like Costco.
An embedded graph in the article from the Department of Commerce outlines selected food items. Among them, eggs, fresh vegetables, and fresh milk all see an increase in sales, while meat, packaged goods, pet food and alcohol (the most significant drop) see a decrease.
Perhaps the way that individuals are viewing these economic times, then is a positive step towards reevaluating their food choices. The article also states that, for the most part, restaurants have seen a decrease in business. In addition, the less meat and packaged foods, and more vegetables that consumers consume, the better for the environment.
Another way to slash your grocery bill is opting for a meat-free diet a few times a week (or more). We’ve told you how adopting vegetarianism into your diet is beneficial for the environment, but it saves a lot of cash, too. Vegan proteins, like tofu, tempeh, and beans are all significantly cheaper than meats, dairy, and processed foods. Taking the time to tend a garden, too, will drastically reduce the food bill [read how to get started].
Read the full Wall Street Journal article.
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How have you been slashing your grocery bill, if at all? Fill us in below.
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Discussion Take a look at what is being said about this article.
Kay, on March 25th, 2009 says:
I have to say, I started buying generic brand stuff and found a lot of it better! I shop at Wegman’s.
Jason, on March 25th, 2009 says:
I agree. I shop at Whole Foods, which is a little pricier, but choose their 365 brand for my staples.
Sheldon, on March 25th, 2009 says:
I shop at Fortino’s, and their brand is PC. I love their products, and they are a great price compared to some other things they sell. Their No Name brand is also pretty good.