Consumer Trends
Nine out of 10 shoppers say food costs will influence their vote
Nearly nine out of 10 (87%) shoppers saying the increase in food prices and its impact on their budgets is “a major factor in their voting decision.”
According to a recent survey by data analytics firm Grocery Doppio, nine out of 10 shoppers say food costs will influence their vote in the upcoming election. The survey, conducted in August with 1,201 participants, revealed that 87% of shoppers consider rising food prices a “major factor” in their voting decisions, reflecting growing concerns over the impact of inflation on household budgets.
In fact, 83% of respondents expressed their intention to support candidates who present clear plans to reduce food prices. “Rising food prices have become a significant issue for voters,” the report stated, “with many inclined to back a presidential candidate who addresses these concerns.”
Conducted in partnership with Incisiv and Wynshop, the survey also highlighted how the economy has affected grocery shopping habits. A total of 59% of shoppers said they’ve experienced negative economic impacts on their grocery spending, while 73% fear inflation and grocery costs may rise further post-election.
Despite some optimism regarding potential interest rate cuts, 68% of surveyed grocers believe lower rates would attract more shoppers, but most are not adjusting their business strategies yet. In fact, 89% stated that the anticipation of rate cuts hasn’t influenced their decisions, and 94% are not accelerating plans for capital investments.
Shoppers, on the other hand, are becoming increasingly cautious with their spending. Almost half (47%) said they are more mindful of their grocery purchases compared to last year, leading to a reduction in average basket sizes by two to four items in the first half of 2024 compared to the same period in 2023.
Recipients of Supplemental Nutrition Assistance Program (SNAP) benefits have been particularly affected by rising food costs. The survey found that 97% of SNAP recipients believe their current benefits are insufficient to cover their needs, and 91% fear that losing those benefits would lead to food insecurity. Additionally, 79% worry about potential disruptions to their SNAP benefits due to changes in government policy.
As inflation continues to pressure household budgets, it’s clear that food costs will play a crucial role in shaping the decisions of voters in the upcoming election.