![]() ![]() We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. ![]() Almost 70% of the 2,000 respondents to the Barclays survey said they had swapped to cheaper alternative products to save cash, with nearly a quarter shifting to frozen foods. It adds to a growing body of evidence that shoppers are swapping fresh food for frozen alternatives, as well as seeking out “yellow sticker” reduced items. ![]() There are also increasing signs that grocery shopping habits are shifting in response to higher living costs.Īlmost nine in 10 shoppers (89%) said they were worried about the impact of rising food prices on their personal finances, and almost seven in 10 (67%) were thinking about how to cut their cost of their weekly shop, according to Barclays’ figures, which combine survey and card spending data. “Retailers will be hoping that the Coronation, coupled with a month full of bank holidays and inflation levels starting to head in the right direction, will boost consumer confidence significantly enough to start to see real, profitable growth,” Martin said. Sales volumes fell across food and non-food items such as clothing, with poor weather putting a dampener on consumers’ appetite for summer outfits. “Consumer demand has so far been fairly resilient to the twin drags of high inflation and high interest rates, but as government energy support comes to an end for many, savings start to dwindle and other household bills rise, it is likely that the next few months will continue to be challenging as the consumer tank empties,” said Paul Martin, the UK head of retail at KPMG. Separate figures compiled by Barclays showed a 4.3% year-on-year increase in consumer card spending in April, which is also well short of inflation. The latest weak retail figures have added to fears of a hit to the UK economy if the “tank empties” for consumers. It comes as British retailers cling on to hopes of a summer of spending. Many economists predict they will raise its key interest rate by 0.25 percentage points, taking it to 4.5% – a fresh 14-year high. Rate-setters at the Bank of England are due to meet this week as they battle to tame the rising cost of living. ![]()
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