Around 81% of British consumers have expressed concern over the cost of living crisis, innovation intelligence platform Vypr has revealed.
The data which sampled 5000 of Vyper’s nationally representative panel also showed that 50% of Brits are spending less, with the figure rising to 60% when adjusting to lower income groups up to £25,000.
As a result, shoppers are demanding more from supermarkets with 52% wanting better deals and offers and 37% expecting a wider range of basic or value items from supermarkets.
READ MORE: Cost of living: UK consumers can expect to spend an extra £2,000 this year
Up to 34% of consumers say they are increasingly looking for offers and reduced items and supermarket loyalty has fallen with 29% saying they shop around more.
Additionally, lower-income households buy fewer branded products whereas higher-income households look for more deals or offers.
Despite efforts to cut costs, the research also revealed luxuries that people continue to purchase including alcohol, ready meals and meal boxes.
Around 52% have said they will continue to buy tea or coffee despite rising prices and 30% will continue to buy alcohol.
“Our findings prove the reality now facing the public. The majority are cutting back on all aspects of their spending and when it comes to food and drink, and people are looking to supermarkets to increase value ranges, improve offers and do all they can to help the consumer in these extremely challenging times,” Vypr founder Ben Davies said.
“For retailers and manufacturers, it’s about getting the basics right at the moment. Their strategy should be informed by what will represent the best value range for the consumer in the next 6-9 months and likely beyond. This is a significant opportunity for supermarkets and food retailers to evaluate their private label product offerings to ensure consumer loyalty and support households during a difficult time.”
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