Goldman analysts reveal that Walmart continues to lead retailers in offering consumers the most competitive grocery prices, while Whole Foods remains the most expensive option. The report also includes updates on holiday meal promotions at retailers and consumer insights from data firm HundredX. 

The analysts were led by Leah Jordan and Kate McShane, who reviewed 38 SKUs in dairy, frozen goods, dry grocery, HPC, and produce categories at major retailers, including Kroger, Albertsons (under its banner Randalls), Walmart, Sprouts Farmers Market, Whole Foods, and Dollar General. 

They found Walmart had the lowest prices:

As shown in Exhibit 1, WMT had the lowest prices at -14.0% vs. the group average (widened from -12.2% last month), followed by DG at -4.5% (vs -7.8% last month). WFM had the highest prices in the group at +10.1%, followed by ACI at +9.3%. KR had the highest SKU availability for the products surveyed at 37, followed by WMT and ACI at 36.

… and the lowest prices across all categories: 

Looking by category (Exhibit 2), WMT had the lowest prices in dairy products (-18.1%), frozen foods (-14.0%), dry grocery (-11.7%), and produce (-12.2%), while DG had the lowest prices in HPC (-14.8%). On the other hand, WFM had the highest prices in dairy products (+11.3%) and frozen foods (+19.0%), while ACI had the highest prices in dry grocery (+9.1%), HPC (+6.1%), and produce (+10.8%).

Latest holiday meal deal promotions by retailers…

Analysts noted, “Consumer survey data from HundredX revealed the strongest net purchasing intent for large regional grocers, clubs, hard discounters, and specialty grocers across our selection of food retailers, while dollar stores and conventional grocers tracked on the lower end.”

In a separate but recent note, UBS analyst Michael Lasser said Dollar General and Dollar Tree faced “existential uncertainties” as cash-strapped consumers dialed back spending and shifted to Walmart.

In other words, struggling consumers in an era of failed Bidenomics are just gravitating to the deals. 

Folks are financially stretched thin.

We cited Goldman in mid-June…

Attention Cash-Strapped Americans: Goldman Finds Top Supermarket Offering The Best Grocery Deals https://t.co/0WSTOWex5J

— zerohedge (@zerohedge) June 15, 2024

In May, Walmart’s earnings call showed that even higher-income consumers traded down to the mega-retailer to find deals. 

A more recent note by Goldman analysts found the “trade-down phenomenon” has occurred across “high-end and low-end consumers.” 

The last time “trading down” mentions spiked on earnings calls, it was GFC.

Bidenomics has transformed American households into a nation of Walmart customers …

Would you have done something differently during the past 4 years? KAMALA HARRIS SAYS THERE IS NOT A THING THAT COMES TO MIND.

FOUR YEARS OF BIDENS FAILURES AND SHE HAS BEEN A PART OF THOSE DECISIONS OF IMPACT.

KAMALA IS A TOTAL FAILURE

VOTE TRUMP TO SAVE AMERICA 🇺🇲 pic.twitter.com/ygEAvciI3t

— 5DME81 (@5dme81) October 10, 2024

… yet another indication that the standard of living in the West has imploded amid reckless Bidenomics spending, sparking the inflation storm.