by Michelle Smith
Supermarket Perimeter
CHICAGO — Consumers have long memories, which means sales and promotions at grocery stores don’t seem like bargains right now because prices are 30% higher than they were five years ago.
“It’s almost like the elephant memory where no one’s forgetting what the prices used to be. Therefore, when they go into the stores expecting to find the prices they used to pay, they’re not there,” said Sally Lyons Wyatt, global executive vice president and chief advisor, consumer goods and foodservice insights, Circana.
She was part of a panel discussion “How Rising Food Prices Create Challenges and Opportunities” at IFT First, the annual food science and innovation expo held July 14-17 in Chicago.