Expert on retirement savings
Indira Venkat serves as the Senior Vice President of Research at AARP, she joins LiveNOW from FOX to discuss a recent survey that found more than 20% of adults ages 50 and older have no retirement savings. Venkat explains how Americans are worried about covering basic expenses.
While consumer prices, food and energy through June 2024 are up 3% year over year, some specific grocery items are up much higher than that in the same period.
The cost of beef and veal is up over 5% since June 2023, butter is up 6.9%, bacon and related products are up over 8%, and eggs are up over 10%, according to the Bureau of Labor Statistics.
What causes inflation?
There are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.
It's no wonder that consumers — using their phones — are finding ways to score savings when they shop. They're scanning merchandise to compare prices, finding promo codes and capturing digital coupons to snag discounts.
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This is trending for good reason, as there are big saving opportunities out there.
Americans want to save money — and they're getting creative about it.
As of July 2024, more than a quarter (26%) of U.S. adults say that they're using coupons more now as a result of the state of the economy, according to the Prosper Insights & Analytics Monthly Consumer Survey of more than 7,000 U.S. adults by the National Retail Federation (NRF).
That is in line with the last couple of years — but it's up from 18% who said they were using coupons more frequently in July 2021.
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Middle income earners (between $35-$74K annually) have seen the most dramatic increase in coupon usage during this time period, according to the NRF.
How to scope out digital deals
Andrea Woroch, a consumer finance expert, based in Bakersfield, California, said many retailers offer digital coupons today.
She suggested that consumers "tap into store apps for digital coupons."
The Albertson's For U Rewards app, for example, gives $5 off $25, plus product-specific coupons, while Target Circle offers a variety of coupons to clip and save on the cost of groceries, clothing, home goods and more, said Woroch (andreaworoch.com).
Savvy shoppers can find both in-store and mobile coupons using a coupon app like CouponCabin to save on brick-and-mortar purchases or online orders using a cell phone.
In addition, consumers can search for coupons by store name directly at CouponCabin.com, said Woroch.
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Or, download a browser extension like CouponCabin Sidekick or one from PayPal Honey to get coupon codes automatically added to online carts at checkout.
These tools alert people when deals are available for a site they're shopping and will test each code, applying the deal with the biggest discount to the relevant order, said Woroch.
Money-saving features
Other shopping experts also said loyalty programs at favorite stores can save consumers money.
"Download their app. You can find members-only coupons and offers and earn points toward free products or additional discounts," said Trae Bodge, a shopping expert at TrueTrae.com in Montclair, New Jersey.
"For example, the Dollar General app, named DG GO!, has digital coupons, a shopping list, a cart calculator, and more money-saving features," said Bodge.
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Another way to secure deals is to sign up for store newsletters or text alerts, which may yield new subscriber coupons.
Exclusive coupons and early access to sales are also possible, said Woroch.
Even easier is a quick Google search. Enter the name of the retailer, plus the promo code or coupon code. Free shipping codes or percentages off the purchase may pop up.
Some retailers have apps that make shopping on a phone – and saving – very convenient.
"Amazon is an excellent example of this," Bodge said.
"Despite having millions of items available, the Amazon app is very easy to navigate, search and use available coupons."
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Consumers can even earn rewards for purchases made through websites.
"There’s also Ibotta — and with this app, you select offers before you shop, then scan your receipt after you shop to earn rewards," said Bodge.
Scan, baby, scan
Vipin Porwal, a consumer expert in Los Angeles and CEO at Smarty, told FOX Business that retailers have seen an upsurge in the scanning of QR codes.
FILE - A customer has a QR code scanned from a smart phone at a grocery store in a file image dated Sept. 28, 2017. Photographer: Amanda Mustard/Bloomberg via Getty Images
"This is primarily because nearly all of their customers have a smartphone with them at all times and they’re comfortable using apps to shop on their smartphones," he said.
To that end, he noted that most shopping and finance apps have code scanners to make it very easy.
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"Often the call to action to scan the code offers a discount for consumers that’s automatically applied to their purchase," Porwal said.
By scanning both product barcodes and QR codes, consumers can find savings on just about everything from groceries and fast food to utilities, insurance and big-box deals, Porwal said.
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Shoppers do need to be cautious, however, when scanning unknown codes, due to potential scams and malware.
"Note that the FTC offers information on fake QR codes that might be worth a quick check if shoppers are uncertain," he said.
