According to the results of nationwide research from retail analytics firm Precima, groceries are the top item on which U.S. consumers are spending their savings from lower gas prices, ahead of
putting the money in savings, holiday gift buying and paying off credit cards.
Of the 3,013 consumers, nationally representative of U.S. grocery shoppers, who were asked to choose from a
list of ways they use money saved on gas:
- 48% said they're spending it on groceries
- 42% said saving
- 37% holiday gift buying
- 30% paying off credit
cards
- 10% entertainment
- 14% said other
The gas-to-groceries switch is even higher in certain key sectors. Among those survey respondents who said they've suffered a
direct financial loss during the recession, 55% said they're spending gas savings on groceries, and for those whose annual income is under $35,000 the number is 59%.
Conversely, 34% of
retirees said they're spending gas savings on groceries. The number fell to 29% for those whose annual income exceeds $100,000.
Brian Ross, general manager of Precima, says "... this
is a silver lining for grocers... this trend builds on... earlier research that showed that consumers are now eating more at home."
In another significant finding from the survey, nearly
two-thirds of respondents said the recession is changing the way they plan their grocery trips:
- 27% of consumers said they can no longer afford to stock up on food and now buy only
what they need week to week
- 35% said they stock up more than they used to, but only when items are on sale
Of the 65% of respondents who said their stocking habits have
changed:
- 5% said they stock up more
- 54% said they stock up only when items are on sale
- 41% no longer stock up at all
- Queried about the grocery category most
likely to make them switch supermarkets to get a better price, respondents said:
- 76% fresh produce
- 72% meat and seafood
- 71% dairy
- 62% paper products
- 55% canned foods
- 53% snacks-beverage-candy
- 41% convenience foods
- 39% deli
- 15% baby products
For more information, please visit Precima here.