News

Less for gas means more for food

Americans are spending the money saved at the gas pump on food.  A report from Acosta Sales and Marketing says over the last six months, consumers saved an average $67 per month due to lower gasoline prices and most of those dollars are being used at restaurants and grocery stores.  The report also states that for the first time, Americans spent more in restaurants than on groceries.  That change first occurred in December and the gap has steadily grown through April.

Part of the change might be due to cheaper gas making consumers more likely to travel to find cheaper groceries thus reducing their overall grocery bill.  In the past six months: the average shopper visited seven different stores.  95 percent bought groceries at a regular supermarket; 79 percent bought some at a mass merchant; 42 percent bought some at a warehouse/club store; 39 percent shopped at a dollar or drug store; 25 percent purchased food at a convenience store and 21 percent bought some things at a natural or organic grocer.  27 percent also purchased a grocery item online at least once a month over the last year.

It was also found that the lower gas prices have had a positive financial impact on car owners making them more likely to buy meals, drinks and snacks at restaurants.

The report: “The Why? Behind the Buy” was produced using a nationally representative random sample of U.S. shoppers in the fall of 2014.  Read more here: