| Abstract: | Periods of rapidly rising prices are seen by many as cyclical and pervasive phenomena in modern day economic systems. When rapid price increases occur, they are likely to induce adaptive behavior on the part of consumers. This article reports on a study seeking to analyze consumer inflation-induced adaptive behavior as it relates to three food-related consumer activities–food buying, preparation, and consumption. Results indicate that consumers, in general, attempt to adjust to the changing economic environment in several ways: they exercise more care and planning in food shopping, are more price sensitive and price conscious, are willing to sacrifice convenience but not quality, and try to maintain their usual level of food consumption and food habits. Results also indicate that inflation leads to greater adaptive behavior on the part of lower income consumers. |
