The Supermarket Savings Game: Are Gift Card Discounts Just a Band-Aid?
Standing in the checkout line at Woolies yesterday, watching the total climb higher and higher, really got me thinking about these gift card discount schemes floating around. The latest offer through the Everyday Rewards app - 3% off Woolworths Group gift cards - feels less like a genuine saving and more like a consolation prize in our current economic climate.
Look, I’m all for saving money where we can. Between the mortgage rate hikes and the general cost of living squeeze, every dollar counts. But there’s something fundamentally broken about having to jump through multiple hoops just to save a few percent on essential groceries. Whether it’s through union memberships, bank accounts, or reward programs, we’re essentially being forced to play a complex game just to afford our weekly shop.
The fact that these discounts exist through various channels - Macquarie Bank offering 3.5%, unions providing 4-5% off, and various other membership schemes - speaks volumes about the state of our supermarket industry. While we’re scrounging around for these modest discounts, both major supermarket chains are posting record profits year after year since 2020.
Yesterday, while updating my budgeting spreadsheet (yes, I’m that kind of person), I realized I’ve spent hours researching and managing various discount schemes just to save what amounts to maybe $5-10 on a $150-200 grocery shop. The mental load of keeping track of different gift cards, remembering which card to use where, and ensuring they’re topped up before shopping - it’s exhausting.
The most concerning aspect isn’t just the current situation, but what this means for the future. The young family living next door to me is already struggling with their grocery bills, and they’re both working full-time. When did feeding our families become such a complex financial puzzle?
The ACCC’s investigation into supermarket pricing practices can’t come soon enough. While these gift card discounts might offer some relief, they’re merely masking a deeper issue with our supermarket duopoly. We need meaningful competition and genuine price regulation, not just discount schemes that require us to navigate a labyrinth of memberships and apps.
For now, yes, I’ll probably continue buying these discounted gift cards - it would be financially irresponsible not to take advantage of whatever savings are available. But I’ll do so while supporting calls for greater scrutiny of supermarket pricing practices and improved competition in the sector. Maybe then we won’t need to chase gift card discounts just to afford our weekly shop.
The real solution isn’t more complex discount schemes - it’s fair pricing and genuine competition. Until then, I’ll keep my spreadsheet updated and my gift cards loaded, all while hoping for meaningful change in our supermarket landscape.