With products like 19-cent bananas, decent knockoffs of big brand foods, and a big selection of affordable wines and beers, Trader Joe's already makes it insanely easy to shop without feeling like you're trading your rent money for groceries. And now, it appears the beloved grocery chain is becoming even more affordable by reportedly slashing prices in an effort to further undermine Whole Foods.
As explained in a report by Business Insider, analysts at Deutsche Bank checked the prices of 77 similar items at a New York Trader Joe's location and a nearby Whole Foods store and found that Trader Joe's was a whopping 26% cheaper -- $240 compared to $303. Most importantly, the analysts believe the price difference between the two grocery chains has actually widened since previous price checks, which suggests Trader Joe's has cut prices across its stores. Here are some of their specific findings:
- Perishable foods were 30% cheaper at Trader Joe's
- Non-perishable foods were 24% cheaper at Trader Joe's
- Trader Joe's private-label products were 15% cheaper than Whole Foods' 365 brand products
However, there was no word on price cuts for cookie butter, but that stuff's worth every penny anyway.