Nearly six in 10 consumers are tightening their belts as they feel the impact of rising store prices, shopper research has found.
A survey of 1,000 consumers by research agency Shoppercentric found 18% had made major changes to their household spending between April and December, while 39% had made minor changes. Only 26% were unaffected and 17% were making changes ‘just in case’.
The majority of respondents said they had noticed rising prices in stores. While 55% believed they had increased a little, 17% said they had risen a lot and only 25% believed prices had stayed the same.
Nearly half (49%) blamed Brexit. as 44% believed the unfavourable exchange rate had pushed up the cost of goods and a third said ingredients had become more expensive. But 41% believed companies were simply being greedy.
“With footfall down, Black Friday looking like less successful than in the past, and discounts already hitting stores to try and nudge spending, this is not the year end retailers were hoping for,” said Shoppercentric director Iona Carter.
“And our data suggests that the new year may be just as tough, with shoppers wary of what 2018 might mean for the economy. Spending can’t be taken for granted, and businesses need to make sure they keep up with changing shopper needs as this uncertainty continues.”