Smarter Shopping - How Much Are You Really Paying?

21 / 01 - Category: Blog

Noticed anything different at your supermarket lately?  No, we’re not talking about the discounts on Christmas hams and fruit mince pies – tempting as almost-out-of-date festive goods may be – we’re more interested in your every day staples.  You see, while we were all caught up in the frenzy, frolics and downright frustrations of the holiday season, the good people at the ACCC (that’s the Australian Competition and Consumer Commission to the uninitiated) have been busy looking out for our best interests, particularly those of our hip pockets.  Yes, consumers, we now have a new weapon in the consumer budgeting arsenal designed to provide more information on the food we buy, assisting us to compare and ultimately, save money.  Welcome to the world of Unit Pricing.

Ok, unit pricing has been on the government and consumer agenda for some time.  And yes, the Unit Pricing Code was introduced on 1 July last year however food retailers (with more than 1000 square metres of floor space dedicated to food or carrying a defined minimum range of food items online) were given until 1 December 2009 to adhere to the Code.  So here we are in 2010 and what’s changed?  According to the ACCC, the purpose of the Code is to “require grocery retailers to use unit pricing when selling grocery items to consumers so that consumers are able to make informed decisions”.  Unit pricing provides information on the relative costs of items using a consistent scale so shoppers can more easily compare the price of products in different sizes and between different brands.  So, let’s say you’re looking to purchase a 3-litre bottle of milk from your supermarket. Under the terms of the Code, your retailer will have additional information located on the shelf which tells you how much it costs per litre as well as the price on the sticker.  That way you’ll be able to tell if buying in bulk (or buying certain brands) is actually a great idea or if the only benefits you’re gaining are in the muscles you need to carry all those shopping bags home!  

To find out more about unit pricing, including what it applies to, where, and what to look for, check out the ACCC website.

So next time you head to the supermarket (or do your grocery shopping online), leave the calculator and the maths whiz at home, but don’t forget to pay special attention to the new information that’s popped up in the aisles (or on the website).    It’s there for a reason – to give you the information to make an informed choice before you purchase, with the added bonus of maybe even saving you money too.  Now that’s what we call smart shopping!

Until next time,

ANZ MoneyManager Team