Up to 36% difference is recorded in prices between the cheapest and most expensive choice of products of the same category in a supermarket. According to a survey conducted by the Consumer Protection Service and posted yesterday on its website, consumers can achieve significant savings by choosing cheaper products in the same category. Characteristically, it is noted that based on the survey, the consumer can save up to €66.91 on a single purchase, or up to €268 per month.
How much can you save
The Consumer Protection Service's survey was based on an on-the-spot recording of real retail prices and concerns 60 key products, which were selected to represent common categories of goods included in a household's weekly purchases. More specifically, the Service notes that choosing more economical products in the same category can reduce the total expenditure from 26.56% to 35.95%, offering savings of €43.49 to €66.91 in a single purchase. For a household that makes similar purchases on a weekly basis, this savings can amount to approximately €174 to €268 per month, which highlights the importance of price comparison and informed consumer choice for better management of the family budget, the Service underlines.
Research results
The aim of the research was to evaluate whether the choice of more economical alternative products can reduce the overall purchase cost, without differentiating the composition of the basic goods that a household needs. The results of the survey are as follows:
∙ In the first supermarket, the cheapest selection of 60 products amounted to €171.05, while the most expensive option to €232.55, showing a difference of €61.50 or 35.95%.
∙ In the second supermarket, the cheapest option was €197.44, compared to €263.04 for the more expensive option, with a difference of €65.60 or 33.23%.
∙ In the third supermarket, the cheapest option amounted to €187.62, while the most expensive option to €254.53, showing a difference of €66.91 or 35.66%.
∙ In the fourth supermarket, the cheapest option was €163.74, while the most expensive option was €207.23, with a difference of €43.49 or 26.56%.
Advice to consumers
It is recalled that a few days ago, the Cyprus Consumers Association, in an announcement, recorded some advice, on the occasion of the discounts, which some stores are proceeding with in July. The Consumers' Association, in order to better inform and prepare Consumers, listed some tips. Among them: (1) Conduct market research now and determine your budget in advance. (2) Identify the products you may be interested in and write down their price so that you can more easily get a real picture of the amount of discounts that will be announced. (3) Study the characteristics of the product you are interested in in order to make sure that it meets your needs and requirements. (4) Look for reviews of the product. (5) Avoid buying products, even if they are sold at particularly advantageous prices, from online stores that have websites of dubious legitimacy, e.g. they do not include full headquarters and contact details.
