A recent survey by Drive Research reveals a significant shift in consumer preferences in the grocery sector. According to the study, a notable 71% of grocery shoppers report that low everyday pricing is a more valuable offer compared to weekly ad specials (51%) and digital coupons (45%).

Low Prices Over Deals

This preference for consistent, low prices highlights a crucial trend in consumer behavior. As inflation and economic conditions continue to impact household budgets, shoppers are prioritizing predictability and reliability in their grocery expenses. This shift is critical for retailers aiming to attract and retain customers.

“Consumers are seeking transparency and stability in their grocery costs,” noted Emily Rodgers, the author of the survey report. “By focusing on everyday low pricing, grocery stores can build trust and foster loyalty among their customers.”

Impact of Rising Grocery Costs

The survey also pointed out that 56% of consumers expect to spend more on groceries in 2024 compared to 2023, making the demand for lower prices even more pressing. Over half of the surveyed shoppers (39%) report consistently spending over their grocery budget each month, while only 7% manage to stay under budget. Despite the constant flow of promo codes and digital coupons available on platforms like Code-Promo, households struggle to keep their grocery spending within budget, and low everyday prices offer a respite from the unpredictability of fluctuating weekly deals and the hassle of managing digital coupons.

Spending and Shopping Trends

In 2024, consumers spend an average of $174 per grocery trip, a 12% increase from 2022. Larger households, especially those with three or more members, tend to spend even more, with an average of $204 per trip for families of 3-4 and $262 for families of 5 or more. The survey also found that the most common grocery items include dairy goods (82%), fresh produce (80%), and snack foods (76%).

Retailers’ Strategic Opportunity

In a landscape where 74% of grocery shopping still happens in physical stores and the average trip costs $174, the emphasis on consistent pricing could reshape the strategies of grocery retailers nationwide. By prioritizing low everyday prices, stores can cater to the majority of shoppers who value reliability and straightforward savings over sporadic promotions.

This finding underscores a pivotal opportunity for grocery retailers to align their pricing strategies with consumer preferences, ensuring they remain competitive and relevant in an evolving market. In addition to low pricing, factors such as product quality (57%), variety (54%), and location (59%) also play significant roles in store selection, with price being the most influential at 72%.

With the rising cost of groceries and the clear preference for low everyday pricing, grocery stores have a significant opportunity to attract and retain customers by providing consistent, reliable pricing. By understanding and responding to these consumer preferences, retailers can build stronger customer loyalty and remain competitive in a challenging economic environment.