Saving money on groceries is becoming critically important for many shoppers, and they aren’t necessarily picky about how they do it. But one new survey has found that clipping coupons is slipping in importance, while seeking out lower prices is becoming the preferred method to save.
That’s according to dunnhumby’s latest Consumer Trends Tracker, which found that shoppers are changing their shopping habits to save money, but their savings strategies are shifting.
The tracker revealed the importance of “two fundamental consumer needs – low base prices, and being able to get all the products needed,” dunnhumby explained. On the first point, 71% of shoppers surveyed say low regular prices are very or extremely important to them, up 1.8% since the last survey in April. 62% say they’re now shopping at stores with low regular prices, up 2.3%. Competitive pricing, deep discounts and pricing consistency are also rising in importance.
On the second point, one-stop shopping is also desired, but not always attainable. 67% say being able to get everything they need in one place is very or extremely important – but 40% say they still shop around for the best products and prices. “Shopping at different retailers to find all the necessary products is part of a longer-term uptrend,” dunnhumby notes.
When it comes to coupons, though, shoppers in dunnhumby’s survey are not as enthused. Only 49% say coupons and loyalty rewards are very or extremely important to them, down 1.4% from April. And just 44% actually use coupons and loyalty rewards, down 2.3%. That percentage is even lower for shoppers who could most benefit from the savings – only about a third of consumers who work only part-time, or whose income is below $25,000 a year, say they use coupons.
There are any number of possible explanations for that – shoppers don’t want to invest the time and effort to find and clip coupons, they don’t have easy access to digital deals, they just aren’t interested in the offers that are out there, or they believe the most efficient way to save money is to shop at the store with the lowest prices.
That last explanation could account for the rise in popularity of dollar stores. 40% of shoppers now get at least some of their groceries at dollar stores, up 4% from April. That vaults dollar stores into the third-place position, ahead of discount and club stores. Traditional grocery stores and mass retailers still dominate the category, with 79% and 76% market share, respectively.
And dunnhumby says those market leaders can use their advantage, to dull dollar stores’ growing advantage. “While we have seen dollar stores delivering on price, and subsequently growing, there is an opportunity for formats that offer a one-stop solution to steal back share, if prices can be competitive enough to relieve that need to shop around,” the report notes.
Perhaps the most troubling finding from the survey is that more than a third of families with children reported skipping a meal altogether in the past month for financial reasons. This “underscores how many individuals are struggling now,” Matt O’Grady, President of the Americas for dunnhumby, said in a statement. But “it also shows that shoppers are increasingly receptive to retailers who can meet them where they are,” by providing them with “personalized rewards, budgeting, savings, and meeting their health and diet goals.”
Coupons do require some more effort than simply shopping at a store with lower everyday prices. But given the choice between spending some time browsing coupons, versus having empty plates on the table, those who prefer low prices to coupons may ultimately learn to embrace both.
Image source: Nenad Stojkovic 
