More than half of Americans (56%) say food prices have risen more than any other household expense in the past year, according to the survey. May 2024 Consumer Food Insights Report by Purdue University. Far fewer consumers prioritize expenses like housing (10%) and utilities (10%). One in three consumers believe food prices have increased slightly, and 51% say they have increased significantly since last year.
Gen Z (36%) and Millennial (39%) consumers were more likely to report having to withdraw money from savings or go into debt to pay for food in the past 12 months, compared to 28% of Gen X and 13% of Baby Boomers and older. Food insecurity was also more common among Gen Z consumers (29%), while Millennials (15%), Gen X (13%) and Baby Boomers and older (5%) were less likely to experience food insecurity.
Grocery spending over the past 30 days averaged $131 per week, with total weekly spending up 2.6% from last May.