Nearly half of consumers are now opting for budget and own-brand items as the cost of living crisis continues to intensify.
According to new data by Barclaycard, 47% of consumers are choosing own-branded items as inflation hits and utility bills continue to soar.
Insights taken from Barclaycard’s monthly Consumer Spending Index have revealed data from hundreds of millions of UK customer transactions recorded in July 2022.
The report also revealed 45% of shopper’s are looking for more ways to get more value from, or to reduce the cost of their weekly shop, with nearly one in twelve (8%) Brits are looking to offset the cost-of-living demands by turning to an extra job for cash.
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Almost two-fifths (37%) are purchasing on a ‘need-to-buy’ basis to help limit their spend at the supermarket till, the average basket value has decreased to £19.33 in July 2022 from £23.67 in January 2021.
“The summer months are some of the year’s most expensive; typically filled with holidays, weddings, and parents needing to keep children entertained,” Barclaycard head of consumer products Jose Carvalho said.
“This year, the cost-of-living crisis has squeezed budgets much further than usual, so consumers are having to find even smarter ways to cut back and save money.”
He added: “I’m pleased to see that more Brits are feeling confident about their household finances, showing that many have been able to budget and manage their money sustainably.
“However, this could change as we head into an uncertain autumn and winter period where energy bills are expected to increase further.
“Continuing to adopt a range of money-saving habits will remain key to helping Brits navigate this challenging period.”