Shoppers everywhere are feeling the pinch of increasing prices on nearly every item at the grocery store, but that doesn't mean they are willing to sacrifice quality for a bargain.

According to new survey data of 2,000 respondents in the U.S. released by Malt-O-Meal, seven in 10 people (71%) are more likely to shop on a budget now than prior to the pandemic, with parents being 21% more likely than non-parents.

The top two factors that consumers prioritize when shopping for groceries right now are quality (34%) and price (30%). Sixty-nine percent (69%) of consumers gravitate toward value brands as they look for products that fit the bill.

Malt-O-Meal releases these insights as they roll out exciting new branding and packaging for their affordable and high-quality bagged cereals. The cereals feature the same great taste with a fun and colorful new look at an affordable price. Though cereal is traditionally thought of as a boxed product, responses show that people are almost as likely to purchase bagged cereal (68%) as they are to opt for a boxed option (78%).

"Our survey found that cold cereal is the number one choice for breakfast during busy mornings," said Mike Porter, brand director, Malt-O-Meal Brand. "Malt-O-Meal has always been committed to providing top-quality cereal at an affordable price per serving. We know that this is more important than ever right now as shoppers and their families strive to start their mornings with a convenient breakfast while keeping a close eye on the budget."

The survey found that prior to the pandemic, just under a quarter of Americans (23%) spent at least $100 on weekly groceries; now that percentage has risen to nearly a third (31%) as people continue to eat more meals at home and grocery prices have risen. To help save money on their weekly grocery bills, the top tactics shoppers have used are purchasing food from value brands (53%), shopping using a sales flyer (45%), and using a store rewards app (43%).