{"id":47557,"date":"2022-11-15T09:21:04","date_gmt":"2022-11-15T09:21:04","guid":{"rendered":"https:\/\/www.grocerygazette.co.uk\/?p=47557"},"modified":"2022-11-15T11:01:54","modified_gmt":"2022-11-15T11:01:54","slug":"retail-sales-brands-retailers","status":"publish","type":"post","link":"https:\/\/www.grocerygazette.co.uk\/2022\/11\/15\/retail-sales-brands-retailers\/","title":{"rendered":"Retail sales slow as 41% of Brits switch to cheaper brands"},"content":{"rendered":"


\nUK consumers are increasingly looking for the best offers amid the cost-of-living crisis as 39% have switched retailers in the last three months.<\/p>\n

Data from McKinsey’s latest UK Consumer Pulse<\/a> shows that downtrading is becoming more common across household products, snacks and confectionary, with 41% having changed a grocery brand.<\/p>\n

This comes as retail sales slowed<\/a> in October, growing by just over 1% in value year on year, according to the British Retail Consortium.<\/p>\n

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Frozen food products have seen the biggest switches to private-label or entry-level-prices brands for half (50%) of consumers.<\/p>\n

As 57% have tried a new brand when shopping for groceries and essentials, McKinsey found that Gen Z and Millennials were most likely to switch to different brands or retailers at 54% in comparison to baby boomers at 27%.<\/p>\n

For those looking to use more “buy now, pay later” services, this has also increased to 19% compared to 15% in April this year.<\/p>\n

\u201cIn response to inflation and the squeeze on household income<\/a>, we see consumers trade down, switch to private label, as well being very open to changing retailers and brands,” McKinsey & Company senior partner, Anita Balchandani said.<\/p>\n

“Challenging times such as these, mean that market share is up for grabs for those who are best able to respond to this flight towards value.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

UK consumers are increasingly looking for the best offers amid the cost-of-living crisis as 39% have switched retailers in the last three months.\u00a0<\/p>\n","protected":false},"author":51,"featured_media":47577,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,3928],"tags":[11680,9885,7643,1390,816,5234,83,1934,948],"_links":{"self":[{"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/posts\/47557"}],"collection":[{"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/comments?post=47557"}],"version-history":[{"count":4,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/posts\/47557\/revisions"}],"predecessor-version":[{"id":47593,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/posts\/47557\/revisions\/47593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/media\/47577"}],"wp:attachment":[{"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/media?parent=47557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/categories?post=47557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.grocerygazette.co.uk\/wp-json\/wp\/v2\/tags?post=47557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}