• by Sarah Mahoney  @mahoney_sarah, September 25, 2024

Image: Kroger 

Given the neck-and-neck nature of the presidential race and considerable macroeconomic challenges, it makes sense that consumers might be holding off on major purchases. And that’s what researchers at 84.51°, Kroger’s retail data and insights company, thought as they fielded the company’s latest research.

What they found, instead, was a surprisingly unfazed consumer.

“Our original hypothesis was that more people would delay big-ticket purchases, expecting well over 47% to hold back until after the election,” says Melissa Myres, insights director for 84.51°.

“But what stood out was that 53% of shoppers are not holding off on any purchases, which shows a bit more optimism than anticipated.”

In an email to Marketing Daily, she explains that the company decided to probe Kroger shoppers on election topics this year, even though it hasn’t done so in the past. “We thought it was important to see if people were holding off on major purchases—homes, cars, investments—because of uncertainty.”

The data shows that election outcomes will likely do little to change how consumers make their day-to-day financial decisions. But it doesn’t mean they aren’t thinking about big-picture economic issues.

Indeed, the latest polling from Pew Research finds that the economy is the top issue among voters, with 81% saying the candidate’s economic policies are very important to their vote. Among voters likely to support former President Donald Trump, 93% say economic considerations are very important, compared to 68% of those likely to support Vice President Kamala Harris.

Younger shoppers in the 84.51° survey are most likely to say they are deferring significant purchases, with 62% of those between 18 and 34 holding back, compared to just 44% of shoppers between 55 and 74.

“We’ve seen a similar pattern with this group before—they tend to be more cautious during uncertain times, and that held true here,” Myres says.

Kroger shoppers are highly engaged in the political races, with 34% describing themselves as extremely engaged, 57% moderately engaged and only 9% extremely unengaged.

Image: Kroger 

Both older and younger consumers are more optimistic about the election outcome, with 29% of those 55 to 74 saying they are upbeat versus 20% who say they are gloomy. In the 18 to 34 group, 19% are optimistic versus 17% pessimistic.

But among those aged 35 to 54, 21% are pessimistic, versus 19% who are optimistic.

While Kroger, America’s biggest grocery chain, may reflect a broad cross-section of America, the company leans Republican. In its report on political donations in 2021, Kroger says it gave $307,771 away, with 26% going to Republican Party candidates and 23% to Democratic candidates. KroPAC, its political action arm, made 57% of its gifts to Republicans and 43% to Democrats.