“Inflation continues to accelerate in the UK. With millions of UK households anticipating a higher tax burden in the upcoming Autumn statement, the rising prices will be felt even more heavily in the near term. Food continues to be a large driver of inflation, meaning consumers are feeling the pinch in their weekly grocery shop. As a result, consumers are switching brands and retailers, as they look for cheaper options.
“Our latest consumer sentiment research indicates that over half (57%) of consumers have tried a new private label brand when shopping for groceries and other essentials, in the last three months. This brand switching to private-label/entry-level-priced brands is most prevalent in frozen food (50%), household products (48%), snacks and confectionary (44%) and bread and bakery (42%).
“We can see the tangible impact that rising prices are having on large segments of the population. 55% of Millennials and 61% of Gen X have had to scale back their lifestyles due to an increase in prices compared to 36% of baby boomers.”