The power of comparison has been laid bare in a shopping experiment that revealed a cost difference of close to $100 between two similar baskets of everyday staples.
Compare the Market purchased 25 common grocery items from one major supermarket and 25 similar items from one challenger store and found around a $97 difference between the two dockets.
The big-name products cost $201.19 combined—nearly double the amount of the lesser-known labels, which cost just $103.51.
Compare the Market Economic Director David “Kochie” Koch said that was a huge saving for households battling the rising cost of living.
“Now multiply that weekly shop over a year and that could put around $5,000 back in your pocket. That’s almost enough to cover three return economy airfares to London,” Mr Koch said.
“When it comes to brands, sometimes all you’re paying for is the name.”
Some of the most shocking price gaps were for personal hygiene products.
One 56-pack of nappies cost $39 (69 cents per unit) compared to a 50-pack of nappies for $11.49 (22 cents per unit). There was a $17 difference between the two similar shampoos.
Meanwhile, our penchant for premium coffees could be costing us where prices varied by as much as $7.61.
“Moral of the story is that if you compare your weekly supermarket shop, it can bring big savings,” Mr Koch said.
“Apply the same thing to your home loan, car insurance and your house and contents insurance and you might be surprised what you could save. It pays to compare.”
For more information, or to request quotes or commentary from Kochie, please contact:
Sarah Orr | 0401 044 292 | [email protected]
Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, travel and home loans products from a range of providers.
