Over 40 per cent of consumers have changed the grocery brands, mostly switching to cheaper alternatives as food prices continue to rise in the UK, claims a new report.
According to recent data from McKinsey & Company’s UK Consumer Sentiment Survey, 94 per cent of shoppers have seen an increase in the cost of groceries and food for the home within the last three months.
For those swapping to entry-level priced brands, 67 per cent said this was to receive better value for money, while 52 per cent wanted products that offered better prices or promotions.
A report citing the survey further added that areas most affected by the consumer switches, 50 per cent happen within the frozen food category, while 44 per cent of shoppers are moving to less expensive snacks and confectionary and 42 per cent for bread and bakery products.
The report adds that 24 per cent of those surveyed admitted are cutting costs on household supplies and 26 per cent on pet food and supplies, over half (55 per cent) admitted to reducing their grocery spending, while alcohol has also seen a dip at 44 per cent.
It comes as recent data by the Office for National Statistics (ONS) showed that price of budget everyday grocery items have increased 17 per cent in the 12 months to September, more than the average rate of food and drink inflation which currently stands at 14.5 per cent.
The largest average price rises in cash terms were seen in vegetable oil (up 80 pence for 1 litre to £2.58), chips (up 27 pence to £1.37 for 1.5kg) and milk (up 25 pence to £1.52 for 4 pints), ONS stated.
While the cost of vegetable oil jumped 65 per cent, pasta and tea were up 60 per cent and 46 per cent respectively. Others products that have seen big rises included chips (+39 per cent), bread (+38 per cent), and biscuits (+34 per cent).
