UK: Half of Consumers Trading Down to Value Alternatives

By: Trademagazin editor Date: 2022. 09. 20. 08:00

Around half of UK consumers are trading down to value alternatives as a result of the ongoing cost-of-living crisis, new research has revealed. According to the Retail Economics-HyperJar Cost of Living Tracker, consumers are being more price-conscious, evidenced by half of households (46.9%) trading down to value items and almost two in five (38.7%) using voucher codes more often to stretch their spending power.

37.5% of consumers are delaying large purchases and buying essentials in smaller quantities (30.7%) as prices rise faster than earnings

The research also found, 37.5% of consumers are delaying large purchases and buying essentials in smaller quantities (30.7%) as prices rise faster than earnings. The report added that nine out of 10 consumers still plan to cut back non-essential spending, despite the energy cap freeze introduced by the government this month. This comes as 80.4% of people surveyed said they are anxious about their ability to pay for future energy bills, prompting people across the UK to put aside an extra £1.5 billion per month to cope with rising energy costs.