Strome Business Minute With Dr. Jeff Tanner

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. If it feels like you’re spending more on groceries during COVID, it’s because you are. I compared grocery costs December to May using government monthly reports of prices for the same items. My analysis shows an annual average increase of eight percent. I compared thrifty baskets and luxury baskets for a family of four with pre-teen children. The luxury basket is rising faster, at almost twice the rate. But we’re also spending more when we have groceries delivered and spoiled produce is included, and it also feels worse because we’re eating out less or paying more for delivery. These findings, though, support those of IPSIS which did a global survey and found that consumers report spending more. But deflationary pressures in other areas of spending have helped soften the blow. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.