Recent research indicates that over 40% of Australians have altered their grocery shopping behaviours in response to findings from the Australian Competition and Consumer Commission (ACCC) inquiry into supermarket pricing, which was announced last year. This investigation has led many consumers to become increasingly vigilant while shopping at major supermarkets, with 17% reporting that they now frequent them less often.
The ACCC highlighted a significant increase in grocery prices, noting an overall rise of 24% over the past five years. While the commission was critical of supermarkets for failing to pass on savings to customers, it stopped short of labelling the market as a “duopoly” or accusing them of price-gouging. Woolworths currently holds 38% of the grocery market share, followed by Coles at 29%, Aldi at 9%, and independent stores at 7%.
According to a spokesperson for Canstar Blue, only 36% of Australians claimed that the inquiry had no impact on their shopping habits. The survey revealed that while over a third of shoppers were seemingly unaffected by the inquiry’s results, almost a quarter stated it prompted them to scrutinise promotions closely. Furthermore, 17% shifted their shopping to different retailers.
In its comprehensive report, the ACCC made several recommendations focused on issues such as shrinkflation, pricing transparency, misleading promotions, and supplier protections, although it did not advocate for more drastic measures like breaking up companies or imposing fines. With the current climate of pricing concerns, consumers are urged to compare prices across different retailers to secure the best deals.
Eden Radford from Canstar Blue stressed the importance of being informed about prices to ensure value for money while shopping. She noted that despite some consumers being surprised by the findings of the inquiry, it served as a vital reminder of the need to actively monitor prices and explore various shopping options.