Over one third (38%) of shoppers are buying ‘yellow sticker’ discounted products nearing their expiration dates in a bid to save during the ongoing cost-of-living crisis.
According to Barclays, 37% of consumers are using vouchers or loyalty points to get money off at the checkout and almost seven in 10 have been making products swaps.
To save further, 27% of shoppers have also been swapping from supermarket own-brand premium ranges to standard or value ranges, while 24% have switched from fresh food to frozen.
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This comes as 89% of shoppers are concerned about the impact of rising prices on household finances as food inflation hit a new record high last month and food prices rose by 15.7% year on year.
Although Barclays found that spending on groceries increased 5.5% in April, this was lower than the Office for National Statistic’s (ONS) food price inflation rate at 19.2% and less than the growth in March of 7.1%.
Earlier this month, the ONS found that cucumbers, cheese and olive oil are among the products that have seen the biggest price rises in the 12 months to March, as cucumbers rose in price by 52%, while cheddar increased by 42% and olive oil was up 49%.
As a result of double-digit inflation and rising prices, prime minister Rishi Sunak is set to meet with farmers and supermarket bosses next week to address the demands of the National Farmers’ Union (NFU) which includes to better support farmers and increase the UK’s food security.
