How to save money in 2017 with this simple trick
A new study shows how easy it is to save up for the holidays with a simple trick, whether you’re shopping online, visiting a local grocery store or heading to the mall.
The study, which was published Thursday by the Federal Reserve Bank of Dallas, found that shoppers could save up to $600 with this single trick.
It also found that most people would save up more if they were shopping at Costco, the largest discount retailer in the United States.
The authors of the study, Elizabeth Lipski, a professor of marketing at the University of Texas at Austin, and James C. Hirsch, a financial planner at the Bank of America Merrill Lynch, wrote that they found shoppers who bought items at Costco were more likely to shop at local grocers and to visit the local grocery stores.
They also said they found that grocery store visits made up a small portion of the shopping experience for shoppers, but they were worth the effort.
“A trip to Costco or any of the other retailers with a store near you is worth the price of admission,” they wrote.
They wrote that Costco shoppers who shopped online were more inclined to spend the extra money, and shoppers who visited local grocery markets were less likely to spend it.
The authors also found consumers who shoched at the local Walmart were less inclined to shop there.
For instance, when they shopped at a Costco location, people who visited Walmart were significantly more likely than shoppers who had shopped anywhere else to spend more money.
They also found shoppers at Target stores were more willing to spend than shoppers at any other store in their area.
And shoppers who attended a Walmart store were significantly less likely than those who had visited Walmart anywhere else in the area to spend any of their money at a local supermarket.
The report also found people who shoked at a Walmart or Target store were more than twice as likely to visit a local food court than shoppers from any other local grocery market.
The Federal Reserve said the study found shoppers were more attuned to prices at stores with lower prices.
“The findings suggest shoppers will be more likely be willing to pay more when shopping at local grocery chains, with Costco and other low-cost grocery stores, because they are more aware of the relative prices of the products being sold,” it said.
“These findings suggest that the price differential between grocery stores will help shoppers make an informed choice between participating in the local economy and shopping at Walmart.”
Hirsch and Lipsky noted the findings were based on surveys they conducted between March 2016 and March 2017, and the data was based on people who bought groceries at Costco and Walmart stores.