Around 80% of Britons now budget for groceries or monitor their spending more carefully, a survey from supermarket media business Shopmium has revealed.
The study, which surveys over 2000 UK consumers also found that 43% of households are purchasing and consuming less food in a bid to reduce expenditure as a direct consequence of the cost of living crisis.
Additionally, 66% of respondents have experienced a decline in their disposable income since the beginning of the year, with 38% claiming it has reduced by over 10%.
As inflation continues to rise, 56% of Britons are spending more on their weekly shop than they did in 2021.
On top of this, 36% of respondents have switched supermarkets to a lower cost retailer and 34% have swapped out favourable brands to cheaper supermarket own-brand options.
In terms of the demographic most affected, half of (52%) Britons aged 25 and under are buying and eating less and 55% – the highest portion in any age group – are planning their weekly shops.
Additionally, under 25’s are the most likely to swap out branded products to cheaper alternatives at 46%, and are also more likely to have switched to lower cost retailer at 45%
Eating habits have also changed with 50% saying they plan to eat at home more over the next few months, and 61% planning to order less takeaways to save money.
Around 64% of people said they now plan their meals in advance, and almost a third (28%) are cooking from scratch more often.
The grocery category most impacted by shifting shopping habits are alcohol and snacks, as 40% of UK consumers have bought less or stopped buying alcohol altogether.
Over a third of Britons have also purchased less sweets and snacks, while 31% have stopped or reduced the number of ready meals they buy.
“Unfortunately, it seems there is little the government will do in the short-term to ease the situation for UK households, but what our research shows us is that there is a significant opportunity for brands to respond to consumers’ changing needs and preferences,” Head of Shopmium UK Stuart Sankey said.
“With price being the key concern for the majority of consumers, and particularly those aged 35 and under, many of whom are already switching to cheaper food and drinks products, brands face tough competition to remain in the basket.”