The University of Michigan Consumer Confidence Index fell 7% in October. This decline was driven by rising concerns over inflation, with the personal finance measure declining about 15%. The widespread concern continues to favor at-home meal preparation. Up 4.0 percentage points from 2019, Circana found that 59.8% of 2023 year-to-date food and beverage dollars were spent at retail. The foodservice share of dollars did increase slightly compared to last year, however, this is due to above average inflation.
The October Circana survey among primary grocery shoppers found widely ranging engagement with restaurants depending on income. High-income consumers were far more likely to have purchased restaurant food, which also resulted in a lower share of meals prepared at home. High-income households have an above-average reliance on both takeout and delivery — important clues for retailers.