US consumers are buying fewer snacks

Americans are buying fewer snacks as they tighten budgets to accommodate rising food prices, and several packaged food industry giants are taking notice.

In their last quarters, brands like PepsiCo (Frito-Lay), Campbell (Goldfish, Snyder’s) and JM Smucker (Hostess) have reported a 3%, 2% and 5% salt and savory snack sales dip, respectively. Smucker saw its sweet-baked snack sales fall 7% to $278.6 million.

General Mills CEO Jeff Harmening recently highlighted a “slowdown in snacking” as the company reported a 5% decline in net sales, with US snack sales dropping mid-single digits.

A February survey by NIQ found that 42% of consumers are buying fewer snacks due to cost concerns. While overall grocery prices have risen 23% since 2021, snack prices have surged even more.

The price of chips alone is up 29%, with a 16-ounce bag of potato chips now costing $6.50, up from $5.05 in 2021.

Analysts say the snack slowdown reflects broader economic strain, as Americans also cut back on travel, home renovations and clothing—raising concerns about a potential recession.