More than 42% of consumers are buying fewer treats in a bid to reduce their spending, new research from digital and data experts TWC has revealed.
The TWC Trends research reveals that trading down by buying cheaper groceries was next, with 40% agreement; followed by reducing other retail spending such as clothes and homewares (39%); and fewer days or evenings out (31%).
Just under a third of consumers (29%) said they were opting to shop for groceries in cheaper stores, which aligns to a similar proportion saying they are shopping in the discounters more than they were six months ago.
The research shows that convenience stores are holding up well, with more than half of consumers saying their usage of the channel has stayed the same.
While 15% say they are using c-stores less than six months ago, this is balanced out by a similar proportion who claim to be using them more.
Sarah Coleman, Communications Director at TWC, said: “It is really reassuring to see that convenience stores are continuing to prosper despite the current pressure on prices and household budgets.
“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.”
“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.
“One potential route is through price marked packs – which are particularly liked by these consumer groups – but must deliver a fair return to all parties along the supply chain to be viable.”
The TWC Trends Summer Edition 2022 series is based on the views and sentiments of more than 1,000 consumers across the UK.