Over two thirds of consumers are switching to cheaper brands, and more than half are ditching brands for supermarket own-label products in a bid to save cash, stated a recent report, suggesting that UK consumers are making big changes to the way they shop for groceries as inflation touches 40 year high.
According to a survey of more than 4,000 consumers by Shopmium, 69 per cent of UK shoppers are buying less items and keeping an eye on what they buy.
While 55 per cent are switching to lower cost retailers, two thirds (64 per cent) say they’ve switched to cheaper brands, and more than half (58 per cent) to supermarket own labels.
The survey revealed also that 8 in 10 (77 per cent) of shoppers have already taken action to reduce their grocery spend, with a further 10 per cent planning to cut it down imminently.
Driving these changes are reductions in household income, with two thirds (63 per cent) of people saying they have less disposable income, increasing to 67 per cent for those on lower-than-average income.
Shopmium further found a quarter (25 per cent) of consumers don’t plan to eat or drink out at all in the run up to Christmas, while 7 in 10 (68 per cent) plan to do so less than once a week.
Instead, there’s a rise in households doing a ‘big night in’ with half (47 per cent) of consumers planning a special occasion at home to replace going out, rising to 61 per cent with 25 – 34 year olds.
“Our survey uncovered very definite changes in grocery shopping habits, as the economic crisis intensifies, and consumers struggle with reductions to disposable income,” head of Shopmium UK, Stuart Sankey said.
He added: “Now more than ever, UK shoppers need the support of brands and to feel they are helping address the dire situation many consumers have been left in.”
Sankey continued saying that ensuring price points are as low as possible and offering discounts on the items that consumers most need, such as treats and snacks for a big night in, “will go some way towards supporting customers in financial hardship,” he said.
“With brand loyalty abandoned and so many consumers switching to cheaper options, grocery brands must take action if they want a place on shopping lists this winter.”