With shopping basket costs potentially $700 higher in 2024 than in 2023, Canadians are willing to make concessions on certain foods and lifestyle habits to reduce their grocery spending.
• Also read – “Don’t listen to your financial advisor!”: 2024 will be the year of the biggest crash of our lives, warns an economist
• Also read – The inflation rate remains stable in Canada in November
• Also read – Grocery prices: Up to $700 more on groceries in 2024
This is according to a survey published on Monday by the Agri-Food Analytical Sciences Laboratory at Dalhousie University.
Of the 5,000 Canadians surveyed, 43.2% will reduce their purchases of snacks and prepared foods to reduce their grocery bill. Among other sacrifices, 30.5% plan to reduce the amount of meat and 16.3% of fish and seafood.
Additionally, 28.2% are willing to reduce purchases of alcoholic beverages and 12.9% are willing to limit purchases of fresh produce and dairy products.
More leftovers, less waste
Reducing food waste will be a priority for Canadians in 2024 to better manage their food consumption.
According to the National Youth Council, the average Canadian household generates 140 kilos of food waste per year, which is equivalent to $1,300 being thrown away.
48% of respondents want to plan their meals and shopping lists better so that they only buy the essentials, while 36.2% intend to eat leftovers more often in the next year.
21% are also considering using smaller portions to reduce the risk of waste.
Fewer restaurants
Inflation has affected food prices in grocery stores, but also in restaurants, where the bill increased in 2023.
Therefore, in order to keep their wallet healthy, 38.3% of respondents intend to reduce their visits to restaurants in 2024, while 12.2% of them intend not to go there at all.
Among those who plan to go out, 39.4% of Canadians will prefer cheaper restaurants instead and 24.2% will make the sacrifice of not ordering a side dish or alcohol to lower the bill.