NEW YORK — About one-fourth (24%) of consumers would shop for groceries at a cheaper store than they do today if food prices continue to rise, according to a survey released by Citigroup Global Markets here yesterday. That compares with 12% of consumers who said they have begun shopping at cheaper stores already. More than a third (35%) of consumers said they have been spending less on “splurge” items, such as wine and chocolates, and 30% said they have been trading down to less expensive products, such as substituting chicken for beef. In other findings, Wal-Mart was far and away perceived to be the price leader, with 72% of survey respondents saying it had the lowest prices, followed by 6.9% who said Kroger was cheapest and 6.4% who said Supervalu was cheapest. Safeway was cited as the most expensive. The survey was conducted online in Washington state and Texas.
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