How do seniors get more for their money? Two researchers have some clues. After looking over nearly a million grocery receipts, a 2007 university sponsored study revealed the following differences between younger and older shoppers:
Elders spend more than one and a half hours in grocery stores compared to 58 minutes for the under 30 crowd
Those 65 years and older shop nearly eight times a month, compared with six and a half times a month for youngsters
Elders take advantage of discounts more than two-thirds of the time compared with half the time with younger shoppers
The result is that seniors save 3.4 percent more on groceries. Further, shopping patterns do not support theories that elders go to more discount stores, buy cheaper products, stock up during sales, or cut back on eating.
Mark Aguiar of the University of Rochester and Erik Hurst of the University of Chicago’s business school conclude that the older shoppers’ secret is clear: They shop slightly more often and considerably more intensively, cruising familiar stores, and they spend more time at home in meal preparation.
Not too crazy about turning 50? Research shows that these good habits begin at age 49. Predictions are that if you begin then to show more often, you can save seven to 10 percent on your grocery bill by the time you retire..the business school terminology is “making an economic substitution”- time for money.
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