Almost half (43%) of UK consumers want brands to absorb price rises in supporting customers during the cost-of-living crisis, an Ello survey reveals.
The figure comes as 31% of the survey’s 1,000 respondents can no long afford to but from all of the brands they would usually shop from with rising costs shifting their brand loyalty.
As inflation levels have hit a 40 year high, rising above 10%, the research found that 40% of consumers have had to scale back on spending.
Supermarket switching is also becoming increasingly frequent with 17% shopping elsewhere to save money on rising food prices with an additional 15% considering the change.
In looking for an alternative, the survey found that 42% are more likely to remain loyal to brands if they are offered discounts on other products that they buy.
READ MORE: Cost of living: Should supermarkets be stepping in where the government has failed?
“The cost of living crisis is a challenge the government, businesses and consumers are all fighting right now,” Ello managing director, Michael Kalli said.
“As interest rates, plus prices on everything from food, energy, petrol and general consumer goods continue to rise, the current climate is quite possibly one of the biggest challenges the UK has faced since the onset of the pandemic.
“The statistics are concerning and while price rises are inevitable, there are other avenues for businesses to explore to alleviate some of the pressures on consumers struggling with the rising cost of living.”
He added: “While many businesses may feel like they’re fighting a losing battle of increasing prices across their supply chains, the data offers some food for thought on other opportunities to ease the impact of the escalating economic crisis on consumers.”
This news comes as research by Barclaycard shows that nearly half of consumers are now opting for budget and own-brand items as the cost of living crisis continues to intensify.
