Circana, previously known as IRI and The NPD Group, unveiled its April Consumer Price Index (CPI). The report disclosed that even though inflation climbed 4.9% less than the prior year, food prices surged by 7.7% between April 2022 and April 2023. Amplifying the brunt of soaring food prices are further financial challenges, including mounting consumer credit debt, dwindling pandemic-era savings, and reductions in pandemic-associated government aid and grants.

In a bid to handle their escalating food expenditure, US consumers are leaning towards value retailers, cutting back on non-food purchases, gravitating to store labels, and halting periodic outlays like subscriptions.

"Consumers invariably have to eat. They will adjust to steeper food prices either by seeking more affordable alternatives or by trimming down non-essential expenses, and this is the trend we're observing currently," commented Darren Seifer, a food and beverage sector specialist at Circana.

According to information from the CPI report, a staggering 78% of consumers intend to or have already slashed their expenditure, with 75% attributing their cutback mainly to escalating food costs.

Analyzing the food and beverage domain, revenue escalated by 6%, yet unit sales dipped by 2%. With a whopping 86% of annual dining occasions being sourced from supermarkets and other retail venues, it's evident that domestic consumption still holds a dominant share, approximately 60%, in food and beverage transactions.

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Bakery China, organized by China Association of Bakery and Confectionery Industry (CABCI) and Bakery China Exhibitions Co., Ltd. was launched since 1997. Bakery China is the Asia Pacific‘s leading event serving the entire value chain for the bakery and confectionery market. The event presents all range of ingredient, equipment, packaging and services, and enables global leading professionals and buyer delegates to meet and share the latest innovations and thinking on manufacturing & distribution, R&D, applications and related services for bakery industry.

The 26th Bakery China will be held on May 21-24,2024 at National Exhibition and Convention Center (NECC), Shanghai, covering 320,000 sqm show space. Over 2,200 exhibitors and 300,000 visits are expected.（source:commercial baking）