From Axios:
“More than half of Americans are stressed about buying groceries — significantly more than the financial pressure they feel about credit card debt, child care or student debt, an AP-NORC poll out Monday found.
“53% of Americans said the cost of groceries was a major source of stress right now, while 33% said it was a minor source of stress. Just 14% said the price of groceries was not a source of stress.”
In addition, “14% of adults in the poll also reported using Buy Now, Pay Later services on groceries, so they could make the immediate purchases and pay for them in installments. 11% said they had used such services, like Afterpay or Klarna, to purchase restaurant meals or meal delivery.”
Axios points out that “in June, food prices were up 3% compared to the prior year, according to a Consumer Price Index report released last month.”
The story notes that “the next-highest sources of major stress were the cost of housing (47%), the amount of money saved or earned (43%) and the cost of health care (42%).”
KC’s View:
It seems like a pretty good bet that inflation is going to get worse before it gets better – new and expanded tariffs are likely to drive up prices on a lot of products.
Also a pretty good bet that next time the Consumer Price Index (CPI) comes out, there will more people than ever questioning the numbers. After all, the CPI is issued by the Bureau of Labor Statistics (BLS), where the commissioner just got fired because the numbers weren’t to the liking of the White House. Expect that every number issued by BLS for the foreseeable future to be the subject of scrutiny and skepticism to a degree we’ve never seen before.
I continue to argue, though, that will these concerns about food prices create issues for many retailers, they also create opportunity for those who are willing to be transparent about the hows and whys of higher prices. Explain to shoppers – in detail, with specificity – how you are not profit-taking. Be consistent and persistent in your communications. Be an advocate for the shopper. Treat customers like adults. This is a time to nurture and grow your relationship with your customers.
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