Over 40% of consumers have changed the grocery brands they purchase from, switching to cheaper alternatives as food prices continue to rise amid the cost-of-living crisis.
The data from McKinsey & Company’s UK Consumer Sentiment Survey found that 94% of shoppers have seen an increase in the cost of groceries and food for the home within the last three months.
For those swapping to entry-level priced brands, 67% said this was to receive better value for money, while 52% wanted products that offered better prices or promotions.
Of areas most affected by the consumer switches, 50% happen within the frozen food category, while 44% of shoppers are moving to less expensive snacks and confectionary and 42% for bread and bakery products.
While 24% are cutting costs on household supplies and 26% on pet food and supplies, over half (55%) admitted to reducing their grocery spending, while alcohol has also seen a dip at 44%.
This comes following new data by the Office for National Statistics (ONS) which found that prices of household food essentials in supermarkets across Britain have soared by nearly two-thirds in the last year.
As a result of price rises, the cost of the lowest-priced vegetable oil had skyrocketed 65%, with the cheapest pasta was now 60% more expensive compared to a year ago.
Last week, the ONS announced that food prices have pushed inflation back to the 40-year high seen in July and that for September, levels reached 10.1%, rising from 9.9% in August.
