LONDON: Nearly three-quarters of shoppers in the UK have traded down to own label supermarket brands, as consumers in the country seek to rein in their expenditure levels, a new survey has found.
According to research from uSwitch, the price comparison service, 73% of British shoppers are regularly opting to buy store brands, a total that has increased from 25% in August 2008.
Similarly, 74% of consumers now frequently use money off coupons, while 53% are no longer purchasing "luxuries or treats", compared with figures of 26% and 19% respectively in the same period last year.
Three times as many adults are also now buying food from the internet instead of going to the supermarket, while 20% compare prices online before visiting a store, up 15% on an annual basis.
Rumina Hassam, a personal finance expert at uSwitch.com, argued that "Brits are making savvy cutbacks to their fundamental spending routine to beat the recession at its own game."
"Despite the economic outlook remaining uncertain, consumers may find they have the last laugh – as the lessons learnt from the schooling in savviness they are currently experiencing as a result of the recession will remain vital, even long after the economy recovers," Hassam added.
Data sourced from Daily Telegraph/Financial Times; additional content by WARC staff