Bulk buying, used clothes sales and ‘insperiences’ make up July’s spending themes
Brits were bulk buying food items, sourcing second hand school uniforms and spending more on streaming subscriptions in July in an effort to save cash while still have some summer holiday fun.
More than a third (35%) of Brits are loading up their fridges and cupboards with bulk buy goods to save money in the long-term, research from Barclays revealed.
Its UK spending report which analyses hundreds of millions of customer transactions, found that 41% are also searching for the best deals by shopping at a variety of supermarkets.
However, its research also revealed that 13% have had to remove some items at the checkout to avoid going over budget.
‘Shrinkflation’ and ‘drinkflation’
As Brits tighten their spending to stay in budget, it hasn’t gone unnoticed that packets of food are shrinking while the price tag remains the same or even more expensive.
Three-quarters (73%) said they found examples of shrinkflation in July, up from the 70% recorded in June.
Chocolate, biscuits and crisps were the most common offenders, but drinkers have also noticed their favourite tipples contained less alcohol.
Here one in five experienced ‘drinkflation’, which Barclays suggested could tie in with the 1 August alcohol duty change.
‘Insperiences’ rose in July
‘Insperiences’ proved popular in July in an attempt to save on the cost of going to bars or restaurants but still have some fun.
Barclays noted a 9.2% rise in streaming subscriptions and a 9.9% increase on takeaway spend. However, the wet weather during the month may have played a part in this rise too.
As parents prepare for the back to school rush, 23% of buyers chose to go second hand when it came to uniform costs.
The same percentage of Brits are opting to source items from older children who’ve outgrown their clothes. Only 42% are planning to buy new school clothes ahead of September’s new term.
‘Value for money a major concern’
Esme Harwood, director at Barclays, said: “While July’s weather was a wash-out for clothing retailers, it was a ray of sunshine for takeaways and streaming services, which performed better than expected.”
She added: “With value for money still a major concern at the supermarket, eagle-eyed consumers are also spotting signs of “drinkflation” – “shrinkflation” on alcoholic drinks.
“This could be due to manufacturers making changes to their products ahead of the recent changes to alcohol duty, which mean that drinks are now taxed according to strength rather than type.”