Most Brits feel it’s important to treat oneself even when times are tough, claims a recent report, stating that most shoppers are still buying "treats" but in smaller quantities.
According to brand-new report called “Shop, Snack, Sip - How Consumers are Treating Themselves in 2023” from foodmrx, 84 per cent of those surveyed say that it’s important to treat yourself, even when times are tough, while 55 per cent say, ‘I am still buying treats for myself, they are just smaller’.
Gen Z consumers (aged 18-25) are the generation most likely to treat themselves more than Millennials, Gen X or Baby Boomers. While Gen Z may not possess the greatest amount of purchasing power, they tend to have lower expenses as they are less likely to have dependents.
Consumers are seen managing in quirky ways. They are clearly feeling the pinch - with 97 per cent admitted noticing a significant uptick in grocery prices in just the past three months, states the report, adding that wile issues like climate change remain concerns, the rising cost of groceries and inflation are top of mind for many.
From discounts to DIY, shoppers have adapted quickly. They are managing in some quirky ways, such as reducing the amount they put the oven on, signing up to almost every supermarket loyalty scheme, using smart banking app spending limits to control their grocery spend, and even making their own oat milk.
When it comes to sustainability, attitudes are largely already set in place - and the cost of living crisis has not changed this much, states the report, showing that since the cost of living crisis began, 55 per cent of people have not changed the amount of sustainable products they purchase either way.
The report is based on foodmrx’s data from interviewing 1,000 different consumers monthly via surveys and video interviews. The company also ran an additional study of 290 UK consumers on how they are treating themselves.
Jonathan Watson, Founder & CEO of foodmrx adds “Consumers are seeking alternatives that offer comparable experiences at a lower price point, including buying takeaway style food from supermarkets instead of using more expensive food delivery apps.
"This trend underscores the fact that people opt for smaller, more affordable indulgences when their budgets are tight, a phenomenon that economists call the lipstick effect”.
