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TGM CONSUMER SENTIMENT SURVEY IN ITALY 2024

Italians Shift Priorities: More on Homemade Meals, Less Dining Out

In response to soaring living costs, Italian consumers are increasingly trimming F&B expenses and allocating a larger portion of their budgets to groceries.

Italians Shift Priorities: More on Homemade Meals, Less Dining Out

The Shifting Sands of Spending

Italian consumers are navigating through significant adjustments in their spending habits amidst heightened living expenses, particularly impacting the food and beverage sector. The latest findings from the TGM Consumer Sentiment Survey in Italy 2024 indicate that 55% of consumers are intending to curtail their dining experiences at restaurants, while 59% plan to trim their budgets on alcohol, highlighting these sectors as facing notable challenges. Moreover, quick-service restaurants are witnessing a downturn, with 53% of consumers aiming to tighten their belts in this area over the next three months. These trends underscore a critical pivot in consumption behavior, reflecting the concerted efforts of households across Italy to navigate through financial constraints.

Consumer Response: The Rise of Home Cooking

Italy is witnessing a notable economic shift as 28% of respondents express intentions to increase spending on groceries, signaling a significant surge towards home-prepared meals. This trend underscores a strategic response to mitigate rising costs and optimize expenditure.

At its core, the decision to invest more in groceries and home cooking represents a calculated effort to manage household budgets amidst economic uncertainties. With inflationary pressures and stagnant wages, consumers are seeking avenues to stretch their euros further. By shifting towards home-prepared meals, Italians aim to exercise greater control over their food expenditures, leveraging bulk purchases and meal planning to minimize waste and maximize value.

Moreover, the economic pinch has spurred a reevaluation of spending priorities, with many recognizing the potential savings associated with cooking at home compared to dining out. While restaurant meals incur additional costs such as service charges and taxes, home-cooked meals offer a more cost-effective alternative, allowing individuals to allocate their resources more efficiently.

Key Takeaways for Brand

Competitive Pricing Strategies: Brands in the F&B sector need to reassess their pricing strategies to remain competitive in the market. With consumers opting for homemade meals to save costs, they are likely to be more price-conscious. Therefore, brands should consider adjusting their pricing to offer value for money without compromising on quality.

Adaptation of Product Offerings: F&B brands and grocery retailers may need to adapt their product offerings to align with the growing demand for homemade meals. This could involve introducing convenient meal kits, pre-packaged ingredients, or ready-to-cook options that cater to consumers looking for time-saving solutions without sacrificing the quality of homemade meals.

In essence, the surge in grocery spending and the concurrent embrace of home-prepared meals among Italians epitomize a pragmatic response to economic adversity. It reflects a broader societal shift towards prioritizing sustainability, health, and financial well-being. By recognizing and adapting to these changing consumer dynamics, businesses can position themselves as enablers of resilience and agents of positive change within the culinary landscape.

Download our TGM Consumer Sentiment Survey in Italy 2024 report today and equip your business with insights that speak directly to the hearts and minds of Italian consumers.
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