Rising Food Prices Spiking Coupon Use - Super interesting article

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Rising Food Prices Spiking Coupon Use

by Jack Loechner, Yesterday, 8:15 AM

According to a new survey conducted by Harris Interactive, and commissioned by Coupons.com, rising costs of food are giving Americans sticker shock at the grocery store, and 95% of U.S. adults plan to employ at least one savings strategy at the grocery as a result. And, says the report, consumers, particularly those in higher income brackets, are responding with additional saving strategies.

The survey found that incorporating coupons was the most popular planned activity to off-set rising food prices, followed by other budget-stretching actions:

•Using coupons (72%)

•Comparing unit prices of package sizes (71%)

•Shopping at discount grocery stores (66%)

•Stocking up when items reach rock-bottom prices (64%)

•Buying in bulk (57%)

Steven Boal, CEO of Coupons.com Incorporated, opines that "... (since) food prices are expected to continue to rise this year to potentially all-time highs... consumers are... stretching budgets, and... will take matters into their own hands when it comes to mitigating the effects of higher food costs."

Adults with higher incomes are actually much more likely to pinch pennies than their lesser earning counterparts, notes the study. Households with incomes in the $75 to $100K range were more likely than households that make less than $35K per year to plan to employ saving strategies, including:

•Using coupons (81% compared with 63%)

•Comparing unit prices of package sizes (88% versus 61%)

Additional impacts of budget stretching needs and solutions include:

Adults with college degrees are not only significantly more likely to plan to use coupons than those without high school degrees (78% vs. 51%), but they also plan to use other savings tactics more frequently, including comparing unit prices (83% vs. 66%) and buying in bulk (62% vs. 42%)

•Women are more likely to use coupons to gain more savings compared to men (78% vs. 66%)

•Women are also more likely to compare unit prices of package sizes over men (75% vs. 67%), and stock up on goods when they reach rock-bottom prices (68% vs. 60%)

•71% of U.S. adults plan to compare unit prices to get the most out of their grocery budget.

•Adults in larger households (3 or more people) were more likely than those living alone to comparison shop (72% vs. 61%)