More than half (56%) of Americans said food prices have increased more than any other household expense over the past year, according to the May 2024 Consumer Food Insights Report from Purdue University. Far fewer consumers put expenses like housing (10%) and utilities (10%) at the top. One in three consumers perceived food prices as increasing a little, while 51% said they’ve gone up a lot since last year.
Gen Z (36%) and Millennial (39%) consumers were more likely to report needing to pull money from savings or borrow money to afford food within the last 12 months (compared to 28% of Gen X and 13% of Boomer+). Food insecurity was also more common among Gen Z consumers (29%), with a lesser percentage of Millennials (15%), Gen X (13%), and Boomer+ (5%) experiencing insecurity.
Over the past 30 days, grocery spending averaged $131 per week, and total weekly spending increased 2.6% over May of last year.
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