The Wall Street Journal reports that consumers are fed up with rising food prices:
Now, some consumers are hitting their limits. Restaurant chains and some food manufacturers are reporting sliding sales or slowing growth that they attribute to consumers’ inability—or refusal—to pay prices that are in some cases a third higher than prepandemic times.
....U.S. fast-food traffic declined 3.5% in the first three months of this year compared with the same period in 2023, according to market-research firm Revenue Management Solutions. U.S. grocery sales of food and beverages fell 2% by volume for the 52 weeks ended April 20 compared with the year-ago period, according to NielsenIQ.
This might be true—but only for food suppliers who greedily pushed prices up well beyond the pace of inflation. Here's the overall story:
Since the start of the pandemic, food prices have kept pace with blue-collar wage growth almost perfectly. Both groceries and restaurant food have grown about half a percent more than wages.
So there's nothing special to be ticked off about except in the case of multinational chains and food companies that decided to test the limits of consumer patience by raising prices until they finally got pushback. Well guess what? If that's your strategy, then eventually you're going to get pushback. Duh. That was the whole point.
In any case, the food giants who followed this strategy apparently have no plans to do the obvious thing and just lower prices a bit. Instead they intend to continue trying to trick customers into paying more for less:
McDonald’s and Starbucks plan to launch more promotions and communicate them more clearly to consumers.... Van de Put said Mondelez will introduce new, smaller multipacks for Clif Bar, for example, with 10 energy bars instead of 12 inside, to offer the bars at a lower price. Kellanova CEO Steve Cahillane said the company is offering more deals and adjusting their timing throughout the month, promoting large pack sizes at the beginning of the month, when consumers have the most cash on hand, and smaller ones toward the end of the month.
Good luck with that.