Will the Economic Stimulus Promotions Pan Out?

I’m like most Americans right now. I’m in shock every time I gas sup my car, I worry my next paycheck will be my last and I wonder if my home is losing value by the second.

And like most Americans, I’m looking at my recently-received economic stimulus check and wondering how long it’ll stay in my savings account before rising grocery bills suck it dry, or it has to be blown on utility bills.

But marketers want their share of my economic stimulus check too. There’s some promotions out there that make sense, and a few things that just don’t jibe.

Here’s a quick rundown of what’s working in stimulus-related promotions during this rough economic time.

Cash your checks at:
• The grocery store: Though most Americans are expected to take advantage of direct deposits of their economic stimulus checks, the grocery stores are hoping to cash in. Grocers like Kroger and Albertson’s are offering an additional 10% to consumers exchanging their checks for gift cards. And if there’s one thing families need to do right now, it’s put food on the table.

• Sears: They’re giving the same incentive as the grocers, trade your check in for gift cards plus 10%. And they can be used to make purchases at Sears, K-mart or Land’s End. But you also have to use it or lose it by July 18, and the purchases MUST be made in-store. So this is good if you are in need of a big-ticket appliance, or some tools, but bad if you want to spread out a shopping spree or don’t have a store in the neighborhood.

• Wal-Mart: I have to applaud these guys. You can cash your check there and apply part or all of it to gift cards. Or, for that matter, none at all – just cash your check with them and walk away. Wal-Mart isn’t giving a 10% incentive, but they reportedly are dropping some prices to keep America buying. Some may find Wal-Mart to be an Evil Empire, others see it as a Ma and Pa business-destroyer. But when faced with the decision of the best prices versus starving and/or doing without, which would you choose?

Take advantage (or not) of:
• Boar’s Head: Talk about a promo that’s hitting home for the common man. Brown Bagging Is Back initially promoted the benefits of healthy eating. Now it’s about how packing a lunch will cost you less than a Subway or Quizno’s $5 sandwich. I bought in… until I went to my local grocery store and saw Boar’s Head roast beef had jumped to almost $10 a pound. Still, it’s still a clever and powerful promotion.

• A brand new car!: The automotive market usually seems to have the right promotion at the right time. But there’s always some sort of catch, or it’s being done when Americans just don’t want to make another payment. Chrysler is offering a $2.99 a gallon gas guarantee with the purchase of select vehicles. But it’s not for the lifetime of the auto you purchase, or even while it’s being financed. And there’s a bunch of little catches: like how many gallons you can purchase, that you must have an active credit card, and that you’re still paying full price at the pump and have to present a “Let’s Refuel America” card at the time you make the purchase. Gee. Let me think about that and get back to you. Does Chrysler have a hybrid offering?