Inflation, especially food inflation, has hit businesses and consumers both and forced them to shift their usual practices. Shoppers have become highly cautious while spending and price sensitivity is on the verge of increasing. Shoppers are now no longer purchasing the products they were once loyal to before inflation hit them, reported Josh McCann, head of HQ client delivery and analytics at Symphony RetailAI. Food-at-home prices jumped nearly 12% over the past year, per the U.S. Bureau of Labor Statistics Consumer Price Index (CPI) data for May. This rise marked the highest one-year increase in 43 years. Symphony RetailAI surveyed 550 million transactions across 57 million households in North America and Europe in Q1 2022 and found that the divide between customers focused on price versus those focused on quality is more significant than ever. Price-sensitive shoppers encountered a $13 price hike for every $100 spent in Q2 2022 compared to Q1 2020.

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