Swiftly Consumer Survey Signals the Third Year of Grocery Affordability Crises for Most Americans

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Oct 24, 2024, 09:00 ET

The 2024 survey reveals that 70% of Americans struggle with rising grocery bills, with nearly all respondents relying on digital and loyalty tools to help offset costs

SEATTLE, Oct. 24, 2024 /PRNewswire/ -- Swiftly, a leading provider of innovative retail technology tools and solutions, today released its annual True Cost of a Grocery Shop survey, revealing that 70% of consumers still struggle with grocery affordability. This marks the third consecutive year of rising costs for American households, highlighting the financial strain on consumers despite easing interest rates.

According to Swiftly's 2024 survey, as food prices climb, more shoppers are using digital tools to cut costs — 76% of shoppers now use digital coupons, 64% participate in loyalty programs, and 38% rely on retail apps, which is up 4% from 2023. Despite the shift to digital, 72% of consumers still prefer shopping in-store. This presents a prime opportunity for retailers to enhance the in-store experience and build lasting loyalty by integrating personalized, value-driven tools that cater to the needs of today's budget-conscious shoppers.

The survey data also confirmed that economic pressures are shaping political discussions ahead of the November presidential election — 75% of respondents believe the election outcome will directly impact everyday prices, with 68% citing grocery costs and inflation as key voting factors and 46% saying these issues will heavily influence their choice at the ballot box.

"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 Henry Kim, CEO of Swiftly. "Americans are being forced to prioritize value like never before. As a result, retailers must adapt, offering more compelling savings solutions that not only meet shopper demands but also foster long-term loyalty in an increasingly competitive market."

The survey also sheds light on consumers' expectations as they approach the Thanksgiving and holiday season. A striking 58% of Thanksgiving shoppers anticipate spending more on groceries compared to previous years, while 56% are considering dining out due to soaring prices. This presents a unique opportunity for retailers to attract consumers back into grocery stores by offering competitive deals and promotions, such as Swiftly's Alcohol Cashback offering, which helps shoppers save on their favorite holiday beverages. Additionally, Swiftly's Audience Optimizer technology can assist retailers and brands in connecting with online shoppers and driving them in-store, ensuring a cohesive shopping experience that meets both digital and in-store needs.

Additional highlights from the survey include:

7 in 10 Americans struggle to pay for their groceries
62% of consumers report they are no longer purchasing snack products due to rising costs
55% of consumers base their shopping decisions on discounts and promotions, reflecting a 5% increase from Swiftly's 2023 data

The survey, involving 2,000 randomized participants who were not compensated, provides a comprehensive overview of current shopping trends. For more details about Swiftly and its services, visit www.swiftly.com.

About Swiftly
Swiftly is a leading provider of technology and retail media and technology solutions for retailers worldwide. Founded in 2018, Swiftly empowers brick-and-mortar retailers to build stronger relationships with their shoppers and the brands they carry. With our digital suite, we provide retailers with the technology that engages and delights their shoppers, while enabling brands to reach those shoppers with the personalized content that drives purchases. Trusted by hundreds of iconic brands, Swiftly is leveling the retail playing field and giving retailers the tools they need to compete in today's crowded marketplace.

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SOURCE Swiftly