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/ Wednesday, August 10, 2022
Growing concerns about the economy among consumers
term as “an expression that describes an event in which a rare combination of circumstances could drastically worsen a situation.” In terms of the sale of alcoholic beverages, the report shows beer is the most bought product in CyberNews supermarkets, with 72%, while 35% of consumers preferred wine, and 29% opted for other distilled spirits. However, Reyes explained the consumption he Consumer’s Radiography of alcoholic beverages has other venues that report from the Marketing, required complementary data. Industry and Food Distribution In the case of food and household products, Chamber of Puerto Rico (MIDA, spending was $463, the highest for the last five for its Spanish acronym) shows years. But Reyes explained this is mainly due to the an increasing concern among inflationary effect, and higher federal aid during consumers about changes in the the survey period, and not necessarily because economy. of an increase in the number of “Specifically, the number of products bought. Puerto Ricans worried about Regarding unprepared food a recession increased from 30 items, proteins were the most percent, in 2012, to 86 percent in impacted. MIDA’s report revealed 2022. As for [concerns about] the that, among consumers who price of gas, it increased from 45% Consumers cutback their spending on food to 93%. Similarly, cost-of-living spent $463 on food for economic reasons, 51 percent concerns increased from 65% to and household stopped buying beef. 91%, while inflation concerns rose products, the highest The number of store visits also from 15% to 84%, and interest for the last five years. decreased. “[Consumers] spend rates from 9% to 77%,” informed more, but they go to the store MIDA Executive Vice President less often and visit fewer stores Manuel Reyes. than in previous years,” Valdés “These data shows a said. dramatically pessimistic consumer Consumers also took other measures, such as that is more distressed about economic issues eating more frequently at home (78 %), or buying today than 10 years ago. This greatly contrasts more supermarket brands (66%). with the narrative of some of our public officials When deciding what food staples they would about the economy,” Reyes added during a press choose to buy, 97% of all surveyed consumers conference. said quality, expiration dates, taste and price were Richard Valdés, president of the Consumer’s important elements considered. It is worth noting Radiography Committee, characterized the that for 81% of the consumers it is important that situation as “the perfect storm,” and defined the
Puerto Ricans worried about recession, inflation
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In fact,
“These data shows a dramatically pessimistic consumer that is more distressed about economic issues today than 10 years ago.” Manuel Reyes, Executive VP at MIDA
the product be “made in Puerto Rico.” Important factors when selecting an establishment, beyond price, 95% opts for organized shelves, cleanliness and wide corridors, while 93% preferred security, ample parking, business hours, location and shopping carts in good condition. Contrastingly, the increase in visits to pharmacies to buy food that was experience during the pandemic, is no longer the same. Respondents said their visit to pharmacies to buy food were reduced from 12%, in 2021, to 1% in 2022. Similarly, 91% of respondents said they do not buy food in a pharmacy. However, beyond grocery shopping, the report revealed community pharmacies are competing effectively against the big chain pharmacies. When asked which pharmacies they visit most often, consumers were almost evenly split between community pharmacies (47%) and big chains (48%). MIDA’s report on how Puerto Ricans are adapting to the crisis, which is a part of the Consumer’s Radiography, will be presented later in the month at the Convention Center.
