The number of British shoppers changing their spending habits to cut down on household expenses has reached a two-year high, according to Nielsen’s Global Survey of Consumer Confidence and Spending Intentions.
The survey found that 30% of shoppers admitted to switching grocery brands in order to save money, making it the most popular tactic to cut costs.
More than half (53%) of people took part in some form of cost-cutting measures in the last quarter, the highest number since Q2 2015. Household cost-cutting hit its lowest level in August last year (40%), two months after the Brexit vote.
Spending less on take-away meals (25%) and cutting down or buying cheaper alcohol brands (13%) also featured in the top 10 list of most popular cost cutting activities.
Steve Smith, managing director of Nielsen UK & Ireland, said: “Shopping behaviours are changing in a way that is reminiscent of the aftermath of the financial crisis in 2008/9.
“Shoppers are well trained to use their household grocery budgets as a way to manage overall household costs, particularly as the desire to treat themselves remains. This is shown by the fact relatively fewer people are willing to sacrifice entertainment, holidays, and takeaway meals.”
The survey also showed how spending confidence has fallen in the last year. Before the Brexit vote, the UK was the second most confident country in Europe, behind Denmark. Now it is in ninth place.