Rising food prices, inflation and energy bills are the main sources of concern for nine in 10 Britons, says a new report, with nearly half expecting inflation to impact their household budget.
According to a report by Barclaycard, consumers are feeling slightly less optimistic about their household finances with optimism levels dropping from 68 percent in January to 63 percent in February.
Britons are reducing the cost of their weekly shops with 59 percent seeking greater value for money options. Of the 59 percent, almost half have opted to purchase budget or own-brand goods instead of branded items to minimise food spending, says the report.
The bank, which sees nearly half of the nation’s credit and debit card transactions, has also disclosed 39 percent of shoppers are using vouchers or loyalty points to redeem discounts.
“As inflation starts to have an impact on consumer confidence, we’re seeing a shift in spending habits as Brits seek more value from their purchases, particularly on supermarket shopping, which saw its smallest growth since February 2020,” Barclaycard head of consumer products José Carvalho.
“With energy prices rising at the start of April, we will be watching how these price-conscious behaviours evolve over the coming months.”
The news comes as NielsenIQ data revealed that discount retailers have experienced relative growth, with one in three shoppers opting for Lidl.
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