Shoppers buy cheaper food brands
Cash-strapped shoppers are turning to cheaper food brands as they feel the impact of the credit crunch, according to research.
A study by market research company Mintel shows that in the past 12 months 41% of shoppers have switched to cheaper brands and three in 10 (34%) have cut down on the premium ranges, such as Tesco Finest and Sainsbury’s Taste the Difference.
Two-thirds of shoppers now look for the promotions and deals more often than a year ago, 29% spend more time comparing prices in the supermarket and there has been a rise in popularity of the hard discounters such as Lidl and Aldi, the research showed.
Richard Perks, director of retail research at Mintel, said: "It is clear that shoppers are now really feeling the pinch and beginning to trade down when out buying food.
"During the recent years of unprecedented prosperity in Britain, we saw a very noticeable shift towards premium, upmarket food, with shoppers buying more luxurious ready meals and exotic produce. But in the space of just a few months, this trend has already started to be reversed."
Copyright © PA Business 2008
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