French consumers are likely to face a 3% increase in the price of food products from the next quarter onwards, and with this in mind, Kantar surveyed 13,000 households to uncover what the current inflationary environment is likely to mean for their shopping habits, and whether any parallels can be drawn with the financial crisis of 2008.
As the research firm discovered, shoppers are planning to choose practical solutions where possible, with 46% saying they plan to reduce food waste – buying products close to their shelf life, availing of 'anti-waste' offers and bringing home a 'doggy bag' from restaurants where possible.
Some 44% plan to cook more from home, a revival of the lockdown trend of two years ago.
In addition, 38% of households say that they plan to buy more products on promotion, with most major supermarkets making efforts to improve their price image in recent months.
Trust In Big Brands
At the same time, however, Kantar's study found that French consumers aren't likely to make any noticeable switch to private label, with close to three fifths (58.9%) saying they 'trust big brands'; an position that is actually 2.5 percentage points higher than two years ago.
Away from food, the French are committed to paying more attention to energy consumption, while also planning to reduce their spend in restaurants/cafés (cited by 31% of respondents) and reducing their car usage (27%).
For households at a lower income level, Kantar's study found that so-called 'comfort' categories, such as hygiene, beauty products and alcohol, are likely to se a drop in consumption, while 'essential' categories, such as milk, cream, eggs and flour, are likely to see increased promotional focus, as well as a switch to private label.
Approximately a third (32%) of French households feel 'vulnerable' about the future, Kantar said, which is twice as many as defined by the official statistics body, INSEE (15%).
"While this study shows that the levers envisaged by consumers are significantly different from those of 2008 and clearly illustrate the advent of a new consumption model, we cannot hide a serious risk of weakening and downgrading of a certain part of the population," commented Kantar Worldpanel France's Lydia Rabine.