Four Years Later, Consumers Aren’t Seeing Savings Promised by Retailers From the Durbin Amendment
Four Years Later, Consumers Aren’t Seeing Savings Promised by Retailers From the Durbin Amendment WASHINGTON, DC – October 1, 2015 marks the fourth anniversary of the Durbin amendment’s implementation, but consumers aren’t celebrating. Once again, a new survey shows at least 92 percent of shoppers in each of the 15 categories measured reported that prices have increased or remained the same over the past year. This survey provides additional evidence that despite retailer promises that they would lower prices after realizing savings from the amendment – savings that now total over $32 billion – consumers generally have not seen savings. This survey, conducted in September 2015 by Phoenix Marketing International and sponsored by the Electronic Payments Coalition, asked nearly 2,000 consumers about price changes they have observed at a variety of retailers. The survey found continued evidence that most shoppers are not experiencing a price decrease at the point-of-sale. Supermarket shoppers were the most likely to report price increases – with 72 percent saying that supermarket prices have increased over the past year. Other categories with more than half of consumers reporting price increases included restaurants and drug stores or pharmacies. “In each of the 15 categories measured, less than 10
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