While the rising cost of living continues to burden Australians’ wallets, research has emerged revealing smart shoppers are turning to one of the most obvious places to stretch their budget further: the supermarket.
While groceries are a non-negotiable line item on the household budget, a survey conducted by Canstar Blue has revealed shoppers are finding savvy ways to make their money go further at the supermarket offering a ray of hope as Australians navigate the tough economic landscape.
While Canstar Blue’s editor-in-chief Christine Seib highlighted that “in previous years convenience was the main factor driving where people would shop”, their annual survey of 3000 shoppers found that 36 percent of people now spread out their weekly shop between different supermarkets in order to save some much-needed cash.
“Thirty-six per cent of people currently do that,” Seib told Nine News.
For added convenience, some savvy shoppers are choosing to head to shopping centers that host multiple supermarkets all in one place.
In addition to seeing what multiple outlets have to offer in the way of price, Seib suggests preparing a shopping list prior to your next supermarket to avoid buying “things you wouldn’t normally buy”.
Another effective strategy is to purchase own-brand products over the more costly name brands.
“The pricier branded products tend to be in the middle shelves right where your eyeline is while the cheaper own-brand products are usually on the bottom shelf,” Seib explains.
Opting for the generic brand has become a popular option for many Australians with recent research from Compare the Market finding that nearly three-quarters of Australians have chosen the generic option over the more popular name brands during their weekly shop in the past 12 months.
Compare the Market’s study found that the generic version of items such as pasta, cheese, teabags and bread came in at half the price of the popular name brands.
“A lot of people are feeling the pinch and are looking for more ways to claw back cash,” Compare the Market spokesperson Phillip Portman explained to 9News.
“If you are willing to make that switch, there are savings there.”
These clever savings techniques will no doubt be especially welcomed by older Australians after research from the Council on the Ageing (COTA) found that 60 per cent of seniors reported that the cost of living is placing strain on their budget. This is a significant jump from the 31 per cent who held similar concerns just two years ago.
COTA Chief Executive Patricia Sparrow said that “the report’s findings underscore the need for the Australian government to develop a national strategy for older people so policymakers take urgent steps to address the concerns of older Australians to ensure they are more secure and resilient in the future.”
While the federal government has taken steps to provide relief to cash strapped seniors there has been a call for more assistance.