British consumers are spending £242 billion per year on food alone, a Voucher Codes Food Spend Report has revealed.
The report also showed that the average British consumer spends £2,802 a year on groceries, which consists of around two-thirds of their annual food spend (62%).
Regarding the cost of living crisis, 10% have also said their food bill is too expensive and they can’t afford the cost. Around 28% have also opted for cheaper alternatives to keep food costs low.
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Over a third of consumers are worried about food prices (36%) and one-fifth of consumers are buying fewer food items (22%).
“The cost of living crisis is already hugely impacting both retailers and consumers alike,” VoucherCodes senior director Angus Drummond said.
“This data proves that shoppers are already taking active steps to cut costs where possible when it comes to spending on food by swapping their usual brands for cheaper options, and reducing the volume of products they purchase.”
Regionally speaking, consumers in London have the highest food bill, spending £444 a month on average. The North East has the lowest grocery spend on £2,472 a year – 12% below the national average.
The report also found that food spending decreases with age, with consumers aged 16-24 spending the most on food an an average of £6,408 a year.
Drummond added: “For retailers, value for money has never been more important when it comes to engaging shoppers.
“Presenting customers with the best possible offers, easy access to great value products, and quality customer service are some of the best ways to encourage customers to come back and continue shopping with you.”
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