85% of American consumers report paying more for groceries since COVID-19

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85% of American consumers report paying more for groceries since COVID-19
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Americans across the country have been paying more for staples such as meat, eggs, and poultry as well as everyday household goods due to the pandemic. The price of groceries skyrocketed beginning in March and still haven’t fallen to pre-pandemic levels.

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C+R Research recently surveyed 2,040 consumers and asked them how COVID-19 has affected their budget, shopping habits and diets. The goal was of the survey was a follow up to a survey they released in April of this year to see how consumer grocery trips have changed between now and then. Let’s take a dive into the results.

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85% of American consumers report paying more for groceries during COVID-19 with an average weekly spend of $139. 75% report paying more for household goods during COVID-19. 65% have cut back on their food budget during the pandemic. 65% of respondents say they’d spend the majority of a second stimulus check on groceries and food, if one were issued.

The next part of they survey asked American consumers what they feel like they have been paying more for during the pandemic both in terms of groceries and also household items.

Take a look at the full breakdown for each below:

What Americans Say They’re Paying More For (Groceries)

  1. Meat (68%)
  2. Eggs (48%)
  3. Milk (48%)
  4. Fish (45%)
  5. Fruits (37%)
  6. Rice (30%)
  7. Cheese (29%)
  8. Poultry (28%)

What Americans Say They’re Paying More For (Household Good/Services)

  1. Cleaning Supplies (59%)
  2. Paper products (Toilet Paper 39%)
  3. Utilities (Electric, Gas 33%)
  4. Personal Care/Cosmetics 33%)
  5. Apparel/Clothing (26%)
  6. Pet Supplies (21%)
  7. Housing (Rent/Mortgage 20%)
  8. Healthcare (Prescriptions 18%)

C+R Research then took those responses from their survey and compared them against hard data from that shows the actual changed in grocery prices from the 2020 Bureau of Economic Analysis changes in prices index.

Groceries Price Increases

  1. Beef +10.3%
  2. Poultry +6.3%
  3. Eggs +5.9%
  4. Water/Soft Drinks +5.3%
  5. Pork +5%

Household Goods Price Increases

  1. Paper Supplies +8.9%
  2. Appliances +6%
  3. Flowers, Potted Plants +5.8%
  4. Cleaning Products +5.4%
  5. Misc Household Products +3.6%

The survey from C+R Research also asked about food shortages during COVID-19 and what American consumers have experienced. 83% of American consumers say they still have difficulty finding grocery items they normally purchase. 78% say they still have difficulty finding household foods they would normally purchase. The full survey from results from C+R research can be seen in the graphic below.

Grocery Price

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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