Two-thirds of consumers are using at least one method to cut back on grocery spending, while convenience shopping remains strong.
According to TWC Trends research conducted in June, 53% of consumers agreed that they had to reduce their spending to pay their bills. However, 24% of consumers disagreed with the statement, with the majority coming from the over 55 age demographic.
The most common tactic to reduce spending has been limiting the number of treats bought with 42% of consumers agreeing they do this.
Swapping to more affordable products followed at 40%, and reducing retail spending on clothing and homeware came in third at 39%. Trailing behind was spending fewer days or evenings out, with 31% of consumers agreeing with the statement.
Around 29% of consumers from the 1000-person study said they were opting for cheaper stores to save on money.
Despite this, convenience retailers remain strong with over half of consumers saying their usage of channels has stayed the same.
While 15% of consumers said they were shopping at convenience stores less than six months ago, this was balanced out by a similar proportion who had used them more.
“It is really reassuring to see that convenience stores are continuing to prosper despite the current pressure on prices and household budgets,” TWC communications director Sarah Coleman said.
“Beneath the surface we are seeing an interesting trend with consumers in London more likely to be increasing their use of convenience stores– reinforcing the role smaller stores play in cities as well as rural communities.”
Coleman added: “We are also seeing younger consumers and those with children are more likely to be increasing their use of c-stores. Given that we know that these consumers are more likely to be under financial pressure, convenience stores need to ensure that they offer value to retain these customers.”