Nearly a third of UK consumers can no longer afford to buy their usual brands, according to new research, highlighting how most consumers have had to scale back on spending amid cost-of-living crisis yet most are more likely to stay loyal to their brands if they are offered discounts.
According to Ello survey, almost half (43 percent) of UK consumers want brands to absorb price rises in supporting customers during the cost-of-living crisis.
The brand and loyalty card specialist found that 31 percent of those in a survey of 1,000 consumers have had to switch to cheaper brands. Almost one in five have switched where they shop for their groceries in response to price increases, with a further 17 percent saying that they are considering doing so.
The survey also found that two in five (42 percent) UK consumers are more likely to stay loyal to brands if they could offer them discounts on other products and services they buy.
Michael Kalli, managing director of Ello, said, “The cost-of-living crisis is a challenge the government, businesses and consumers are all fighting right now. As interest rates, plus prices on everything from food, energy, petrol and general consumer goods continue to rise, the current climate is quite possibly one of the biggest challenges the UK has faced since the onset of the pandemic.
“The statistics are concerning and while price rises are inevitable, there are other avenues for businesses to explore to alleviate some of the pressures on consumers struggling with the rising cost of living.”
