Shoplifters cite inflation and economic hardships as key reasons for stealing

Soaring prices have hit consumers hard, with grocery bills, car costs, and dining-out expenses skyrocketing nationwide. Now, a new study suggests inflation is also fueling another alarming trend: a surge in shoplifting.

According to a new survey from personal finance website LendingTree, which polled 2,000 U.S. consumers from ages 18 to 78, states that more than 20% of Americans have admitted to stealing items from stores within the past year or so.

Of those who admitted to recent retail theft, approximately 90% of them said they did so because of inflation and the current economy. Precise reasons included, prices becoming too expensive (34%), helping make ends meet (30%) and helping save a few bucks (27%).

"Many are struggling in the face of still-rising prices, and this is the reason they're going to somewhat desperate measures to get the needful," LendingTree chief credit analyst Matt Schulz said in a statement.

"Inflation stubbornly sticking around, that's not likely to change soon."

Notably, LendingTree's survey tagged along a recent report from the Council on Criminal Justice, which found that shoplifting rose 24% in the first six months of 2024.

The Federal Reserve has been battling to bring inflation down to its 2% target for some time now.

While prices have cooled slightly this year, consumers continue to feel the pinch with May and June seeing increases of 3.3% and 3% respectively.

This means everyday essentials like food and household items are costing more and more each month.

The most frequent items shoplifters steal include food and nonalcoholic drinks. A survey of 2,000 US adults found that 45% of those who admitted to shoplifting stole clothing, accessories, jewellery, or makeup.

"What they're shoplifting tells you a lot about why they're shoplifting," Schulz said in the statement.

"These shoplifters aren't motivated by greed or excitement. They're desperate people stealing essential items like food, clothes, and toiletries to survive,” Schulz added.

However, to help battle rising retail theft, some companies have equipped their employees with body cameras to spot crimes in real-time, as other major retailers are turning to other forms of technology.

(With inputs from agencies)