Fetch Rewards Report Reveals Record Grocery Prices Are Changing How Consumers Shop
MADISON, Wis. – Fetch Rewards, America’s #1 consumer rewards app, today announced the launch of the Fetch Price Index report. The first installment of the Fetch Price Index report, which will be released monthly, provides a unique, data-rich view of how rising prices affect shopping behavior. By analyzing a set of 375,000 shoppers and tracking 195 million in-store and online purchases over the past 24 months, this item-level view of shopper behavior captures, in real time, the real state inflation and what it means for consumers. , brands and retailers.
Key findings from the first report, covering the month of May, include that consumer prices for food, personal care and household goods were up 13.9% from a year ago, and that inflation in these categories is rising at a higher rate than previously reported by the authorities.
“Inflation is having a huge impact across the board, and we’re starting to see shifts in consumer demand and buying behavior,” said Wes Schroll, Founder and CEO of Fetch Rewards. “Our mission at Fetch has always been twofold: to provide consumers with a simple and fun way to save money on all their everyday purchases and to help brands connect with consumers in a meaningful way. With this new report, we aim to provide an additional resource for anyone looking to better understand what is happening in the market.”
The Fetch Price Index report was created to provide additional context to the results that are published monthly in The Bureau of Labor Statistics Consumer Price Index report. The most recent consumer price index report showed a 9.4% increase in the food at home index for the previous 12 months ending April. Fetch analyzed a similar mix of products and found that average prices increased by 10.2% over the same period. For the 12 months ending in May, Fetch saw a 13.9% increase. The BLS will release its May CPI report on June 10, 2022.
The CPI, which measures the average change over time in consumer prices paid by urban consumers, is the most widely used measure of inflation. Fetch answers the call for a more modern approach to calculating the impact of inflation without relying on field-generated data. For the CPI, price surveys involve collecting sample prices for about 94,000 items, including commodities, services and housing. About two-thirds of price collection is done through in-person visits to physical stores, and the remaining data is collected by phone, online, or through other sources.
Fetch Rewards is the nation’s leading rewards app and allows consumers to earn rewards by submitting any receipt. By analyzing these receipts over time, Fetch was able to create this report in a way that directly reflects consumer purchases.REIT findings in May:
Fetch found the first signs of declining consumer demand since the post-COVID recovery began, with the average number of units purchased per household falling 9.6% year-over-year. Fetch also found that consumers buy less per trip, but spend more. Interestingly, Fetch found that shopping trips per household rose slightly in May, despite record fuel prices.
“New highs in the Fetch Price Index are beginning to impact consumer demand, with a continued decline in items purchased per trip and per household. We expect demand to continue to decline until prices stabilize or revenue increases,” said Dhwani Worah Upadhyay, Head of Marketing Analytics and Science at Fetch Rewards, author of the report. “With federal politics and the changing macro landscape, we look forward to ‘use our data and insights to bring clarity to the changing consumer landscape.
The Fetch Price Index report will be published monthly on the Fetch Rewards blog, Unleashed.About Collecting Rewards:
Founded in Madison, Wisconsin, Fetch Rewards captures over $100 billion in annualized retail sales by rewarding shoppers every time they submit a receipt through the app. Launched in 2017, Fetch offers shoppers a simple and fun way to save money, and brands a meaningful way to understand the world of retail and connect with those shoppers. The data obtained was used to create this report. To learn more, download the free app and visit www.fetchrewards.com