However, shoppers continue to express concerns about the phenomenon known as “shrinkflation”.
Notably, spending on groceries has experienced a remarkable 9.5% year-on-year increase – the highest growth rate in the category within the past two years; however, this growth remains lower than the rate of food price inflation, which currently stands at 18.4%.
As a result, more than two-thirds (67%) of shoppers actively seek ways to reduce their weekly shopping expenses. Of these consumers, nearly a third (32%) prefer to shop at multiple supermarkets to take advantage of a variety of deals, and two in five (39%) opt to purchase more discounted “yellow sticker” items.
Evidence suggests that Brits are determined to find value-for-money products whenever possible, as discount stores have experienced an impressive growth rate of 8.8%, marking their highest growth since April 2021. Additionally, a significant majority (81%) of shoppers express concerns over the occurrence of shrinkflation – a scenario where products are sold in reduced package or portion sizes but are priced the same or higher as before.
In June, a striking 70% of British consumers noticed examples of shrinkflation, compared to a mere 6% in May. The most commonly affected items include chocolate (46%), crisps (42%), packs of biscuits (37%), and snack bars (32%).
In response to the issue of shrinkflation, approximately 29% of shoppers have adjusted their purchasing habits by indulging in their favorite products less frequently, reserving them as a treat. Meanwhile, close to one-fifth (18%) have switched to brands that have maintained the original size of their products.
Moreover, shoppers are increasingly encountering shortages of specific products at supermarkets. An alarming 37% of consumers have observed recurring unavailability of basic items such as eggs, fresh produce, and tinned staples. Furthermore, 20% believe that fewer new products are being introduced onto the shelves.
While spending on non-essential items witnessed a modest increase of 5.7% in June, surpassing the May figure of 3.0%, this growth was predominantly driven by the sunny weather, which fueled the demand for socializing with friends and family.