Analysis sheds light on the changing costs of yogurt, ice cream, chocolate chip cookies, and potato chips, with yogurt growing the fastest compared to inflation
Chicago, IL – [June 18, 2024] — CoolerX (formerly Cooler Screens), the technology company powering the in-store retail media and merchandising revolution, today released a research report today examining the pricing trends of key snack items in an average U.S. city from January 2022 to March 2024. The study, based on data from the U.S. Bureau of Labor Statistics, tracks the cost changes of popular U.S. snacks: yogurt, ice cream, chocolate chip cookies, and potato chips.
According to CoolerX’s analysis, the overall cost of these snack staples rose by an average of 11.04% between 2022 and 2024. Additionally, the combined price increase of these four snacks during the analyzed period is approximately $1.76.
“The surge in snack prices puts pressure on consumers, retailers, and brands,” said Gayle deDie, SVP of Marketing at CoolerX. “It compels retailers and brands not only to compete on price but also to align their marketing and in-store promotions with consumer needs. They must thoughtfully engage consumers at precisely the right moment to more effectively address cost concerns, highlight product benefits, and ensure a positive impact on both the shopper experience and perceived value.”
Impact of Inflation
According to the U.S. Bureau of Labor Statistics, the purchasing power of $1.00 in January 2022 has decreased by 11% over a two-year period, meaning that you would need $1.11 in March 2024 to buy the same amount of goods or services that $1.00 could buy in January 2022. This 11% increase in the amount of money needed to maintain the same purchasing power is referred to as the “inflation rate.”
With that in mind, here is how each snack’s price change compares to this inflation rate:
- Yogurt: The price of yogurt increased by 14.72%, indicating that prices have risen 33.82% faster than the average inflation rate.
- Ice Cream: Ice cream prices increased by 7.64%, meaning ice cream prices have risen 30.55% slower than the average rate of inflation.
- Chocolate Chip Cookies: The price increase for chocolate chip cookies is approximately 11.04%, which matches the overall inflation rate.
- Potato Chips: The price of potato chips increased by 10.79%, with prices rising about 1.91% slower than the average inflation rate.
CoolerX enables in-store campaigns that are contextually relevant to maximize shopper engagement. For instance, with the price increases in snacks, the company’s AI makes it possible for retailers and brands to gain deep insights into the interests, intent and shopping behavior of price sensitive customers at the point of purchase. This allows them to reach shoppers at the right moment with the most relevant content, driving sales lift and brand awareness while adding value to the overall customer experience. While CoolerX’s technology is identity blind, the technology identifies key insights about shopping behavior to help retailers and brands better manage inflation’s impact.
About CoolerX
CoolerX is the first-to-market technology company powering the transformational possibilities of digital in-store retail media and merchandising. The company’s AI-driven software solutions allow retailers to create in-store digital experiences for shoppers, and for brands to reach them on dynamic smart screens that adapt to consumer behavior and data-driven context at the point of decision. With the majority of purchases still taking place in brick-and-mortar stores, CoolerX enables retailers to digitize and improve in-store consumer experiences and expand into in-store retail media, while allowing brands to drive sales and build brand equity by reaching the vast traffic in physical stores. Partners include leading national retailers such as Kroger, Walgreens, Giant Eagle’s GetGo convenience stores, Chevron, Areas, and Western Union. For more information, please visit coolerscreens.com.
