One in four Brits switch to cheaper supermarkets as food inflation bites
The Health, Wealth, and Happiness Spring 2023 report by insurance company LifeSearch has revealed that 25% of Brits have saved on average £63 per month after switching supermarket, which is a annual saving of £756.
The switch to cheaper stores comes on the back of skyrocketing food price inflation, which hit 17.2% in May and means that households that have not changed their shopping habits, risk spending an extra £833 a year on their grocery bills.
A 60-year-old female from Yorkshire is the main supermarket switcher
Women, the over-55s and people living in Yorkshire and Humber were the most likely to have made the change.
More than 30% of over-55 year olds have moved to different supermarkets compared to 25% of those aged 35-54, and just 18% of those aged 18-34.
Over a quarter of those in Yorkshire and Humber (27%) have swapped their regular shopping destination for cheaper options.
Earnings had little impact on whether Brits shopped elsewhere as those earning under £20,000 per year and those earning over £60,000 per year were just as likely to make the change.
It is likely that those switching woudl be looking forward the shiny store signs of the two German discounters Aldi and Lidl. The consumer watchdog Which? had named Aldi as the cheapest supermarket in the UK for the past 11 months, and noted that shoppers who chose Aldi could save £17 on average when compared to the most expensive supermarket, Waitrose.
Small savings make a big difference
This is not the only way Brits have altered habits to cope with the cost-of-living crisis. Over half have put the heating on less at home, and just over a quarter have sold items they no longer need. This is reflected in a fifth of the population who have shopped in second hand and budget stores over the last few months.
Emma Walker, chief growth officer and LifeSearch, said: “Our research shows that, while many Brits have had to make big sweeping changes to make ends meet, the majority of savings aren’t being made by big-ticket means.
“For example, nearly one in four (24%) say they’ve simply switched supermarkets and estimate they’ve each racked up over £62 per month in savings as a result. Brits have also made savings by doing things like sharing passwords for music and TV streaming (£58 per month) and selling unwanted items (£82 per month).”