Shoplifters point to high inflation, the economy as top reasons for stealing
Shoplifters blame retail theft epidemic on high inflation, the economy
US economy is ‘nowhere near’ catching up to inflation, economist says
Heritage Foundation research fellow and economist EJ Antoni joins ‘Varney & Co.’ to analyze June PCE data.
High inflation has pushed up the cost of just about everything, including groceries, clothing and cars.
It may also have led to a spike in shoplifting, according to a new survey published by LendingTree.
Nearly one-quarter of Americans – about 23% – admitted to stealing from stores within the past year, according to the survey, which polled 2,000 U.S. consumers ages 18 to 78.
Of those who confessed to shoplifting, about 90% blamed it on high inflation and the state of the economy. More than one-third said they rely on stealing because "prices have become otherwise unaffordable," while 30% said it helps make ends meet. Another 27% said they stole something in order to "save a few bucks."
POWELL SAYS FED WON'T RUSH TO CUT INTEREST RATES UNTIL INFLATION IS CONQUERED
Locked up deodorant to prevent shoplifting is seen at a Duane Reade drugstore and pharmacy on Aug. 24, 2023, in New York City. (ANGELA WEISS/AFP via Getty Images / Getty Images)
"Lots of people are struggling in the face of still-rising prices, and they’re going to somewhat desperate measures to help them get by," said Matt Schulz, LendingTree chief credit analyst. "With inflation stubbornly sticking around, that’s not likely to change soon."
Target, Home Depot and Walmart are among the major retailers that have sounded the alarm over a spike in theft since the COVID-19 pandemic began. Shoplifting accounted for more than $112 billion in losses in 2022 in what the industry calls "shrink" – a measurement of lost inventory. That marks a sharp increase from the $93.9 billion in losses recorded in 2021, according to the National Retail Federation.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 129.86 | -2.53 | -1.91% |
| WMT | WALMART INC. | 92.50 | +0.62 | +0.67% |
| HD | THE HOME DEPOT INC. | 429.13 | +1.94 | +0.45% |
INFLATION IN THE US IS HIGHEST AND LOWEST IN THESE CITIES
"Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire," David Johnston, NRF vice president for asset protection and retail operations, said at the time.
The rise in shoplifting comes as consumers experience a rise in financial insecurity, which is up 6.7% from 2022. In 2024, about 36.4% of households reported difficulties paying for typical expenses like food, housing and medicine.
While inflation has fallen considerably from a peak of 9.1% notched during June 2022, it remains well above the Federal Reserve's 2% goal. On top of that, prices are up a stunning 19.4% since January 2021, before the inflation crisis began.
A customer shops for food at a grocery store on March 12, 2024, in San Rafael, California. (Photo by Justin Sullivan/Getty Images / Getty Images)
High inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Grocery prices are up more than 21% from the start of 2021, while shelter costs are up 18.37%, according to FOX Business calculations. Energy prices, meanwhile, are up 38.4%.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Price hikes are particularly devastating for lower-income Americans because they tend to spend more of their already-stretched paycheck on necessities and therefore have less flexibility to save money.