Britons Tighten Belts as Cost of Living Crisis and Wet Weather Dampen Summer Spending

Britons Tighten Belts as Cost of Living Crisis and Wet Weather Dampen Summer Spending

Britons Adapt Shopping Habits Amidst Inflation and Weather Woes

Despite a slight decline in grocery price inflation, Britons are tightening their belts and altering their shopping habits due to the ongoing cost of living crisis and recent inclement weather, according to a report by Kantar.

The report, covering the four weeks to June 9th, reveals that supermarket prices rose by 2.1% compared to the previous year, down from May's 2.4% inflation rate. This marks the 16th consecutive month of slowing price increases, with costs falling in nearly a third of monitored categories, including essential items like toilet tissue, butter, and milk.

However, despite these positive signs, the report highlights that the cost of living crisis is far from over. 22% of households report struggling to cover expenses, and sales growth has slowed to its lowest rate since June 2022.

The unseasonably wet weather has also impacted shopping habits, with Britons purchasing 25% fewer sun care items and 11% fewer prepared salads compared to last year. Conversely, sales of fresh soup have jumped by almost 24%.

Supermarkets and pubs are hoping for a boost from England and Scotland's performance in the Euro 2024 tournament, with promotions on beer and lager increasing significantly. However, they face stiff competition from fans choosing to watch the games outside the home.

Tesco remains Britain's largest supermarket, with a market share of 27.7%. Sales increased at all major supermarkets except for Asda and Co-op. Ocado continues to be the fastest-growing grocer, with a 10.7% increase in sales. Discounter Aldi also saw a slight sales increase, holding a 10% market share.