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The latest consumer research indicates a shift in spending habits this summer, with people opting for smaller treats from supermarkets over dining out at casual or fast-food restaurants. According to Worldpanel by Numerator, there has been a 6% decrease in customers at these eateries over the three months leading up to mid-July compared to the same period last year. Despite this trend, shoppers are still purchasing branded groceries instead of switching to cheaper own-label alternatives to save money.
Fraser McKevitt, head of retail and consumer insight at Worldpanel, highlighted the impact of high grocery prices on overall spending behaviors. He noted that what individuals pay for their supermarket shopping often influences their choices in other areas, such as dining out. While visits to casual and fast-food restaurants have declined, coffee shops have experienced a 3% increase in customers during the same period. Sales of branded grocery items grew by 6.1% in August, showcasing a preference for recognized brands over generic products.
In line with this shift towards smaller indulgences, Sarah Coles, head of personal finance at Hargreaves Lansdown, pointed out that people are seeking more cost-effective ways to treat themselves. Eating out tends to be one of the first expenses to cut back on, but individuals are still finding ways to enjoy treats like takeaway coffees or sweet snacks from supermarkets without breaking the bank. Many are even opting for branded treats over own-label alternatives as a more affordable alternative to dining out.
Mr. McKevitt highlighted the dominance of branded sales in various categories such as personal care, confectionery, soft drinks, and hot drinks. The report from Worldpanel also highlighted that grocery price inflation decreased slightly from 5.2% in July to 5% in August. This shift in consumer behavior reflects a growing awareness of cost-saving measures amidst rising prices for everyday essentials
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