Results from data and tech company Numerator's latest research on inflation shows grocery prices are continuing to climb, particularly online and at dollar stores. It was also discovered that the impact of rising prices is having a comparable effect with most ethnicities and generations.
The company measured the impact of inflation and used consumer ethnicity, generation, income level and urbanicity data as well. Consumer purchase, and consumer sentiment information was also collected.
With regard to grocery inflation, Numerator found:
- Online grocery inflation is higher (up 17.2% vs. a year ago) than dollar-store inflation (up 16.2% vs. a year ago).
- Club store prices are only up 7.6% vs. a year ago, compared to other stores.
- Suburban (12.6%), urban (12.3%) and rural (12.3%) customers are similarly experiencing having to pay high grocery prices.
- Previously, Asian consumers were experiencing the highest inflation rates; now Black consumers are experiencing the highest rates (up 13.9% vs. a year ago)
- Gen Z is experiencing grocery inflation the most (13.6%) across generations, followed by Gen X (12.7%), millennials (12.2%) and boomers (11.9%).
Regarding consumer sentiment, the data revealed that last summer, suburban consumers had a more positive financial outlook than urban consumers. This month, the gap closed (from 11 points previously to 2 points), and urban consumers’ financial outlook is better. Furthermore, it was found that 50.6% of Black consumers have a positive financial outlook, and 52.6% of white consumers have a positive financial outlook.
Additional consumer sentiment findings:
- Gen X, more than any other generation, reported that they don’t have extra money to spend.
- Investing spare money was compared among Asian, Black and white consumers. It was discovered that 20.9% of Asian, 19.8% of Black and 12.8% of white consumers would invest extra money.
- Research was gathered regarding travel also. It was revealed that 26.7% of consumers would use extra money to go on vacation/travel. More specifically, suburban consumers had the highest percentage at 27.9%, followed by urban consumers (26.8%) and rural consumers (25%).