Coles and Woolworths-Shonk Awards 2023
“2023 has been yet another hard year for many Australians, with the cost-of-living crisis showing no signs of slowing down,” says CHOICE CEO Alan Kirkland. “Rather than doing the right thing by consumers, our Shonky winners have only disappointed during this difficult time.”
“We’ve seen Coles and Woolworths record huge profits and rental platforms data gouging people desperate for a home,” adds Kirkland. “Microsoft has been hawking an Xbox ‘fridge’ that doesn’t actually cool anything, Kogan is tricking customers into a $99 annual subscription, and personal alarms continue to fail when they’re most needed.”
Woolworths and Coles
When it comes to Woolworths and Coles – and grocery shopping in general – it feels as though Australians have gone through a collective awakening of sorts. Why has everything suddenly become so expensive?
Rising rents, increased interest rates and a soaring cost of living has us all feeling the pinch. Which makes it all the more frustrating to see both Woolworths and Coles posting
massive profits.
Woolies arguably was the worst of the pair, with the group announcing a $1.62 billion profit in August, in a year when Australians are truly doing it tough. Over at Coles, the group posted a slightly more modest $1.1 billion profit. Anecdotally, many shoppers feel as though they’re paying more for less.
“Coles and Woolworths have both recorded over a billion dollars in profits this year and most people feel like they’re being fleeced,” says Kirkland.
More than 60% of shoppers believe the big two are making a lot of money from the price hikes
“In a nationally representative survey CHOICE conducted in September this year, more than 60% of shoppers believe the big two are making a lot of money from the price hikes, and less than 20% think Coles and Woolworths are doing enough to keep prices low.”
Our survey showed that 88% of Australians are worried about the cost of food and groceries, up from 56% in January 2021.
“Coles and Woolies have been promoting how they’re supposedly helping with the cost of living, all while recording huge profits,” adds Kirkland. “With some of their specials it may be hard to tell if you’re even getting a genuine discount. They are well and truly deserving of a Shonky Award.”
