Nearly nine out of 10 (87%) of shoppers say high food prices will be a “major factor” in their November voting decisions, and 83% say they are more likely to support candidates who have a clear plan for reducing food prices, according to “Why the Price of Milk Will Determine Who Becomes President,” a report from Grocery Doppio, Incisiv and Wynshop.
Results are based on a survey of more than 1,200 digital grocery shoppers and 109 grocery executives in August 2024.
Among other results:
- 59% of grocery shoppers say that economic conditions have negatively impacted their grocery buying habits.
- 73% of shoppers worry inflation could worsen after the election, making it difficult for them to afford food.
- Of those shoppers receiving SNAP benefits, 97% say that their benefits are not enough to cover the rising cost of food; 79% worry that changes in government policy may reduce or eliminate their benefits.
- 68% of grocers say rate cuts will allow them to lower prices, attracting more customers.
- 72% of grocers feel that a rate cut will result in increased shopper spending.
- 89% of grocers say that impending rate cuts have not yet affected their business strategies for the remainder of 2024, and 94% said they have no plans yet to increase their investments as a result of rate cuts.
“Rising food prices have become a significant issue for voters, with a majority indicating it heavily influences their voting decisions,” according to the report.