Shoppers change their buying habits as cost-of-living crisis deepens
8 sept 2022
Across the globe, soaring energy and food prices are contributing to a major cost-of-living crisis. The situation is a reminder of how delicate the global economy is. Thankfully, there are a number of areas where tech is coming to the rescue.
For many families, the rapidly rising cost of food is a growing concern. In the UK, this is already translating into changes in shoppers' behaviour. Red Tractor/YouGov survey data released in July 2022 shows that 46% of Britons are changing their buying habits. 30% are buying less meat, 24% are trading products down and 13% are buying less fruit and vegetables.
However, cutting back on products isn't the only way to achieve better value for money when doing the weekly shop. Erik Wallin, Northfork's CEO and Co-founder, explains:
"Customers who use shoppable recipes can plan full meal solutions and optimise their shopping by sharing ingredients across recipes. They can cut down on expenditure and reduce food waste. It's a solution that's kind on the wallet and the planet."
Technology to the rescue
By using Northfork's tech, grocery retailers and recipe publishers can support their customers to shop cost-effectively. Northfork's shoppable recipe solution analyses how much of each product a recipe uses. It then suggests other recipes that use the leftover ingredients. Northfork's receipt to recipe API can even factor in store cupboard ingredients left over from previous shops.
"Consumers need value for money," continues Wallin. "However, that doesn't have to mean buying lower quality items. Families who shop smarter by using shoppable recipes to plan their meals can save money without compromising on quality."
As the cost-of-living crisis shows no sign of abating any time soon, it's likely that increasing numbers of families will change their shopping habits. Retailers that offer shoppable recipe solutions can support them to do so in a positive and proactive way.