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Speaker 1: Fascinating insight into this food shopping of our So we

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Speaker 1: spend an average already for this, we spend an average

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Speaker 1: two hundred and forty dollars a week per household. Now

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Speaker 1: what does that mean, Well, it's only two dollars more

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Speaker 1: then we spent two years ago. So think about food

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Speaker 1: inflation and think about that number. Thirty one percent of

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Speaker 1: US aren't buying as many groceries, forty eight percent of

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Speaker 1: downgrading on brands, thirty percent of us look for specials now.

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Speaker 1: Blake Holgate is Rather Banks head of Sustainable Business Development

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Speaker 1: as well as Blake.

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Speaker 2: Morning Morning, Mike.

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Speaker 1: How robust are these numbers? I mean, are you confident

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Speaker 1: these are rock solid? You know this is the reality

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Speaker 1: of things or just perceptions.

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Speaker 2: Look, it's a survey where we ask their participants their perception.

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Speaker 2: A lot This meanding mic, so it is perception. But

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Speaker 2: I will highlight that this is a regular survey that

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Speaker 2: we run and the methodology has remained constant over that time.

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Speaker 2: So it's a relative change that we can see through

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Speaker 2: those numbers.

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Speaker 1: Do you are you surprised by the numbers.

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Speaker 2: I'm not surprised in the sense that we know people

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Speaker 2: are wage inflation hasn't hasn't gone up at the same

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Speaker 2: rate that food food inflation has gone up with so

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Speaker 2: people have had to make cuts or make choices to

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Speaker 2: accommodate it. So I think that's effectively what we're seeing

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Speaker 2: coming through these numbers.

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Speaker 1: Because what we know about food inflation is it's gone

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Speaker 1: up a lot more than two dollars in the last

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Speaker 1: two years and so and I also know that people

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Speaker 1: are traveling and they go to Europe over summer and

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Speaker 1: Fiji in winter. And so we've got this two speed

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Speaker 1: economy I'm assuming, aren't we or haven't we?

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Speaker 2: Yeah? And I mean what we're dealing in here is

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Speaker 2: an average, right, So this isn't going to show those

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Speaker 2: two different groups or segments. But what does show across

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Speaker 2: the Taire economy, across the entire country. People aren't spending

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Speaker 2: reletively as much on food as they did two years ago.

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Speaker 1: Because they've done great. And see the thirty here's what's surprised.

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Speaker 1: But the thirty percent you look for specials. I would

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Speaker 1: have thought we all looked for specials, don't we. I

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Speaker 1: mean you're looking at you wandering down the aisle. Why

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Speaker 1: are you looking for a special Why would you buy

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Speaker 1: something more expensively than you can buy cheaper.

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Speaker 2: Yeah, I think. I think what the survey's showing is

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Speaker 2: people are more consciously or actively looking for promos or specials,

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Speaker 2: and I'm more conscious of it than there were two

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Speaker 2: years ago.

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Speaker 1: Would the supply to you personally and your circumstances, do

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Speaker 1: you buy fewer groceries, for example.

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Speaker 2: I would certainly take all those three boxes around, buying

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Speaker 2: less groceries, more actively looking for specials, and downgrading brands

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Speaker 2: and products that I'm spending on.

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Speaker 1: And if these figures were robust in terms of it's

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Speaker 1: not just perception, its actual dollars, then that would show up,

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Speaker 1: presumably in the bottom line of the supermarkets, and they

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Speaker 1: would see that they're not actually earning any more money

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Speaker 1: because people aren't spending any more money, presumably presumably mine.

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Speaker 2: I mean, it's hard to look through and exactly the

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Speaker 2: margins and who's getting squeezed down the line. So some

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Speaker 2: of the supplies that are feeding into those supermarkets, I'm

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Speaker 2: sure that's flung right down through the supply chain, so

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Speaker 2: it's probably not all just landing at the supermarket. I

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Speaker 2: think would see the effect that flows right down the

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Speaker 2: supply chain and those supplies that are feeding into the

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Speaker 2: and what.

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Speaker 1: And what is this in your wheelhouse? What's the average household?

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Speaker 1: How many people in it?

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Speaker 2: This was simply done across fifteen hundred respondents. We didn't

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Speaker 2: get to the specifics of how many were in each household.

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Speaker 2: It's simply just an average across those.

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Speaker 1: Because two forty sounds like not a lot of money

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Speaker 1: for a family of four, for example. Sounds possibly okay

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Speaker 1: for one or two people, but not for a family

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Speaker 1: of four or six or whatever.

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Speaker 2: Yeah, and look, and to be honest, we've been running

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Speaker 2: the survey for about four or five years now and

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Speaker 2: we're always surprised at how low that number is across

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Speaker 2: the household. And that's total spend, not just a supermarket.

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Speaker 1: That's total spend on all food Oh no, that's You've

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Speaker 1: given me almost give me a heart attack now, So

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Speaker 1: you're telling me that's on all foods. So that's KFC

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Speaker 1: and Machas and everything.

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Speaker 2: Yeah, correct, moment.

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Speaker 1: Oh my god, I don't know whether to be depressed

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Speaker 1: or not. Blake, I think I'm depressed. You can't buy

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Speaker 1: much for two hundred forty dollars, is what I'm telling you.

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Speaker 1: You would know that I know that, yes and then and.

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Speaker 2: Then, as we say again, that's that's why news in

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Speaker 2: our households are starting to make some of those hard

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Speaker 2: choices around the effectical decisions.

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Speaker 1: Okay, nice to talk to you, appreciate it, Blake holgame,

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Speaker 1: I was I was going to go. Everyone's at macers

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Speaker 1: includes Mackers. We haven't even got the pop eyed chicken yet,

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Speaker 1: for goodness sake.

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