New research has found that over 60% of shoppers are cutting back on food and groceries. The study, by market researchers Mintel, showed that premium brands are being left on the shelf, while shoppers swap to cheaper own-label product.
The harsh economic climate is being blamed for this big shift. And the toughest fact is that while we all have less money, food gets more expensive.
Now it’s revealed that the move to cheaper types of food and groceries may be a short term gain. Supermarkets are pushing up the prices of their own label goods, according to price checking research by mySupermarket and The Daily Mail.
They found that Tesco has put up the cost of its own-label butter by 25% since this time last year, while Sainsbury’s own-label Corn Flakes have risen by 37%. Worldwide wheat prices have also recently increased, pushing up the cost of supermarket basics such as pasta.
In a separate report, consumer watchdog Which? found that 38% of us were less likely to buy organic meat, and 43% less likely to buy organic fruit and vegetables.
The study revealed that 84% of shoppers are seriously worried about food price hikes and nearly 40% are now using discount supermarkets more often. Budget supermarket Aldi has recorded a 20% rise in sales compared with this time last year.
Are you spending less on your food shop?