Despite growing adoption of digital savings tools, rising food prices continue to strain households, influencing both shopping habits and voter priorities ahead of the 2024 election.
Swiftly, a prominent retail technology company, has released its 2024 True Cost of a Grocery Shop survey, emphasizing the continued financial burden that grocery shopping poses for U.S. consumers.
The study highlights that 70% of Americans are still struggling to afford groceries, marking the third consecutive year of rising costs, despite recent reductions in interest rates. This persistent financial pressure underscores the significant challenge many households face in meeting basic needs.
As detailed in the report, many shoppers are adopting digital tools to offset increasing food prices.
The survey shows that 76% of respondents now utilize digital coupons, 64% participate in loyalty programs, and 38% rely on retail apps—up from 34% in 2023. Despite the growing use of online tools, 72% of consumers still prefer in-store shopping, which presents retailers with an opportunity to enhance in-person experiences through personalized promotions and savings.
Economic issues, especially the rising cost of groceries, are influencing political opinions in the lead-up to the November presidential election.
According to the survey, 75% of respondents believe that the election results will affect everyday expenses, and 68% cite inflation and grocery costs as top concerns when deciding how to vote. Additionally, 46% of those surveyed report that these economic issues will heavily shape their voting decisions.
Henry Kim, CEO of Swiftly, emphasized the broader implications of the findings. “Swiftly’s True Cost of a Grocery Shop survey reveals far more than just rising food prices—it highlights the profound impact these escalating costs are having on the everyday lives of consumers, even influencing their political choices,” said Kim. He noted that in this challenging economic environment, retailers must adapt to shifting consumer priorities by providing effective savings tools to foster long-term loyalty.
The survey also examines consumer behavior heading into the holiday season, with 58% of Thanksgiving shoppers expecting to spend more on groceries this year. In response to rising costs, 56% are considering dining out, creating a competitive landscape for retailers.
Retailers may capitalize on this trend by offering promotions and discounts, such as Swiftly’s Alcohol Cashback program, which provides savings on holiday beverages. Additionally, tools like Swiftly’s Audience Optimizer can help retailers connect with online shoppers and encourage them to visit physical stores, ensuring a seamless shopping experience.
Further insights from the survey reveal that 62% of respondents have stopped purchasing snacks due to rising prices, while 55% now make shopping decisions based on discounts, an increase of 5% from the previous year. These findings reflect a growing reliance on promotional offers and loyalty programs as consumers search for ways to manage their budgets.
